Finn E. Kydland
Encyclopedia
Finn Erling Kydland is a Norwegian
economist
. He is currently the Henley Professor of Economics at the University of California, Santa Barbara
. He also holds the Richard P. Simmons Distinguished Professorship at the Tepper School of Business
of Carnegie Mellon University
, where he earned his Ph.D.
, and a part-time position at the Norwegian School of Economics (NHH) . Kydland was a co-recipient of the 2004 Nobel Memorial Prize in Economics (shared with Edward C. Prescott
), "for their contributions to dynamic macroeconomics
: the time consistency of economic policy and the driving forces behind business cycles".
, which is located in the Jæren
farming region in Rogaland
county, southwestern Norway
. He recalls having had a liberal upbringing, his parents not imposing many limitations on their children. Finn Kydland became interested in mathematics and economics as a young adult, after he did some bookkeeping
at a friend's mink
farm.
With a freshly awakened interest in theoretical economics, Kydland earned a BSc
from NHH in 1968 and a Ph.D.
in economics from Carnegie Mellon in 1973, dissertation: Decentralized Macroeconomic Planning. After his Ph.D. he returned to NHH as an assistant professor. In 1978 he moved back to Carnegie Mellon as an associate professor. He has been living in the US since then.
in general and political economy
. His main areas of teaching and interest are business cycle
s, monetary
and fiscal policy
and labor economics. 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
and founded the Laboratory for Aggregate Economics and Finance (LAEF) at this same institution. He is a Research Associate for the Federal Reserve Banks of Dallas
, Cleveland
and St. Louis, and a Senior Research Fellow at the IC2 Institute at the University of Texas at Austin
. He is also an Adjunct Professor at the NHH, and has held visiting scholar and professor positions at, among other places, the Hoover Institution
and the Universidad Torcuato di Tella
in Buenos Aires
, Argentina
.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
economist
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
. He is currently the Henley Professor of Economics at the University of California, Santa Barbara
University of California, Santa Barbara
The University of California, Santa Barbara, commonly known as UCSB or UC Santa Barbara, is a public research university and one of the 10 general campuses of the University of California system. The main campus is located on a site in Goleta, California, from Santa Barbara and northwest of Los...
. He also holds the Richard P. Simmons Distinguished Professorship at the Tepper School of Business
Tepper School of Business
The Tepper School of Business is a private business school located on Carnegie Mellon University’s campus in Pittsburgh, Pennsylvania, USA.The school consistently ranks highly among the top business schools in the U.S., as well as in a wide range of specializations, such as finance,...
of Carnegie Mellon University
Carnegie Mellon University
Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania, United States....
, where he earned his Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
, and a part-time position at the Norwegian School of Economics (NHH) . Kydland was a co-recipient of the 2004 Nobel Memorial Prize in Economics (shared with Edward C. Prescott
Edward C. Prescott
Edward Christian Prescott is an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles"...
), "for their contributions to dynamic macroeconomics
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
: the time consistency of economic policy and the driving forces behind business cycles".
Early years
Kydland grew up as the eldest of six siblings at the family farm in Søyland, GjesdalGjesdal
Gjesdal is a municipality in Rogaland county, Norway. In the northwest the municipality borders Sandnes, to the north Forsand, to the east Sirdal, to the south Bjerkreim, and to the west Time....
, which is located in the Jæren
Jæren
Jæren is a traditional district in the county of Rogaland. The others are Dalane, Ryfylke and Haugalandet.Jæren is the largest flat lowland area in Norway, stretching from the municipality of Randaberg in the north to Hå in the south. The coast is flat compared to the rest of the Norwegian coast,...
farming region in Rogaland
Rogaland
is a county in Western Norway, bordering Hordaland, Telemark, Aust-Agder and Vest-Agder. It is the center of the Norwegian petroleum industry, and as a result of this, Rogaland has the lowest unemployment rate of any county in Norway, 1.1%...
county, southwestern Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
. He recalls having had a liberal upbringing, his parents not imposing many limitations on their children. Finn Kydland became interested in mathematics and economics as a young adult, after he did some bookkeeping
Bookkeeping
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually...
at a friend's mink
Mink
There are two living species referred to as "mink": the European Mink and the American Mink. The extinct Sea Mink is related to the American Mink, but was much larger. All three species are dark-colored, semi-aquatic, carnivorous mammals of the family Mustelidae, which also includes the weasels and...
farm.
With a freshly awakened interest in theoretical economics, Kydland earned a BSc
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
from NHH in 1968 and a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in economics from Carnegie Mellon in 1973, dissertation: Decentralized Macroeconomic Planning. After his Ph.D. he returned to NHH as an assistant professor. In 1978 he moved back to Carnegie Mellon as an associate professor. He has been living in the US since then.
Scholarship
Kydland's areas of expertise are economicsEconomics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in general and political economy
Political economy
Political economy originally was the term for studying production, buying, and selling, and their relations with law, custom, and government, as well as with the distribution of national income and wealth, including through the budget process. Political economy originated in moral philosophy...
. His main areas of teaching and interest are business cycle
Business cycle
The term business cycle refers to economy-wide fluctuations in production or economic activity over several months or years...
s, monetary
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
and fiscal policy
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
and labor economics. He joined the faculty of Carnegie Mellon University
Carnegie Mellon University
Carnegie Mellon University is a private research university in Pittsburgh, Pennsylvania, United States....
in 1977, where he served as a Professor
Professor
A professor is a scholarly teacher; the precise meaning of the term varies by country. Literally, professor derives from Latin as a "person who professes" being usually an expert in arts or sciences; a teacher of high rank...
of Economics until 2004, when he became a faculty member of the University of California, Santa Barbara
University of California, Santa Barbara
The University of California, Santa Barbara, commonly known as UCSB or UC Santa Barbara, is a public research university and one of the 10 general campuses of the University of California system. The main campus is located on a site in Goleta, California, from Santa Barbara and northwest of Los...
and founded the Laboratory for Aggregate Economics and Finance (LAEF) at this same institution. He is a Research Associate for the Federal Reserve Banks of Dallas
Federal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico....
, Cleveland
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh....
and St. Louis, and a Senior Research Fellow at the IC2 Institute at the University of Texas at Austin
University of Texas at Austin
The University of Texas at Austin is a state research university located in Austin, Texas, USA, and is the flagship institution of the The University of Texas System. Founded in 1883, its campus is located approximately from the Texas State Capitol in Austin...
. He is also an Adjunct Professor at the NHH, and has held visiting scholar and professor positions at, among other places, the Hoover Institution
Hoover Institution
The Hoover Institution on War, Revolution and Peace is a public policy think tank and library founded in 1919 by then future U.S. president, Herbert Hoover, an early alumnus of Stanford....
and the Universidad Torcuato di Tella
Universidad Torcuato di Tella
The Torcuato Di Tella University is a non-profit private university founded in 1991. Located in the Belgrano neighbourhood of Buenos Aires, Argentina, it has an undergraduate enrollment of 1,200 students and a graduate enrollment of 1,300. The university is focused primarily on social sciences...
in Buenos Aires
Buenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
, Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
.
Personal life
Kydland was married to Liv Kjellevold in 1968 with whom he had four children; sons, Jon Martin and Eirik Tomas, daughters, Camilla, and Kari. His current wife is Tonya Schooler.Honours and awards
- Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2004)
- Fellow, Econometric Society (1992– )
- John Stauffer National Fellowship, Hoover InstitutionHoover InstitutionThe Hoover Institution on War, Revolution and Peace is a public policy think tank and library founded in 1919 by then future U.S. president, Herbert Hoover, an early alumnus of Stanford....
(1982–1983) - Alexander Henderson AwardAlexander Henderson AwardThe Alexander Henderson Award is presented to the student at the Tepper School of Business at Carnegie Mellon University who displays the best work in the field of economic theory. A large proportion of the winners of the award has later made contributions to economics that have changed the...
, Carnegie Mellon (1973) - Member of the Norwegian Academy of Science and LettersNorwegian Academy of Science and LettersThe Norwegian Academy of Science and Letters is a learned society based in Oslo, Norway.-History:The University of Oslo was established in 1811. The idea of a learned society in Christiania surfaced for the first time in 1841. The city of Throndhjem had no university, but had a learned...
.