Kydland biography
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The reason is that if people expect to be bailed out when flooded, they will locate in areas where it is inefficient for them to locate, because they are not bearing the whole cost of that location decision. Finn Kydland became interested in mathematics and economics as a young adult, after he did some bookkeeping at a friend's mink farm. This newfound interest led him to pursue a Bachelor's degree from the Norwegian School of Economics and Business Administration in 1968.
His main areas of teaching and interest are business cycles, monetary and fiscal policy and labor economics. Many governments around the world are doing this with patents on drugs. in economics at UCLA.
Selected Works
1977 (with Edward Prescott). He recalls having had a liberal upbringing, his parents not imposing many limitations on their children.
He joined the faculty of Carnegie Mellon University in 1977, where he served as a Professor of Economics until 2004, when he became a faculty member of the University of California, Santa Barbara[6] and founded the Laboratory for Aggregate Economics and Finance (LAEF) at this same institution.[7][8] He is a Research Associate for the Federal Reserve Banks of Dallas, Cleveland and St.
Louis, and a Fellow at the IC² Institute at the University of Texas at Austin. In 1973, he completed his doctoral dissertation on decentralized macroeconomic planning at Carnegie Mellon University.
After obtaining his Ph.D., Kydland returned to the Norwegian School of Economics as a faculty member. He grew up on a family farm in Søyland, Gjesdal, a municipality in the agricultural region of Rogaland, southwest of Norway.
He is now married to Tonya Schooler. He is also an emeritus professor of economics with the Naval Postgraduate School and a research fellow with the Hoover Institution at Stanford University. His teaching and research interests revolve around business cycles, tax and budget policies, and labor economics.
In 1977, Kydland joined the faculty of the economics department at Carnegie Mellon University and held the position of a professor until 2004.
But once people have invested in capital, governments will be tempted to raise the tax rate on capital because the capital is already “formed.” Again, though, many people will anticipate this and, unless the government is tied in to its commitments, will invest less in capital than otherwise. One can see the U.S. Constitution, along with an independent judiciary that enforces it, as a way of handling this credibility problem.
Kydland is a citizen of Norway.
He is currently a professor at the University of California at Santa Barbara and at Carnegie Mellon University.
About the Author
David R. Henderson is the editor of The Concise Encyclopedia of Economics. He earned his Ph.D. Although low or zero inflation is an optimal long-run policy, a government that announces a monetary policy to achieve it will be tempted to increase the growth rate of the money supply so as to reduce unemployment.
Also, reforms of central banks in New Zealand, Sweden, and the United Kingdom were based on academic economists’ research that drew on the Kydland-Prescott framework—and the result was a substantial decline in inflation in those three countries.
Another example of the time-consistency problem is patents. He is currently married to Tonya Schooler.
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He has been living in the United States since then.Kydland was a co-recipient of the 2004 Nobel Memorial Prize in Economics,[3] with Edward C. Prescott, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles."[4]
Biography
Early years
Kydland grew up as the eldest of six siblings at the family farm in Søyland, Gjesdal, which is located in the Jæren farming region in Rogaland county, southwestern Norway.
Kydland was the eldest of six siblings and was raised with liberal values by his parents without imposing any limitations on them.
During his youth, Kydland developed an interest in mathematics and economics after working on accounting tasks at his friend's fur farming. He is also a senior research fellow at the IC2 Institute at the University of Texas at Austin.