Finn E. Kydland facts for kids
Quick facts for kids
Finn Erling Kydland
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Kydland in 2015
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| Born | 1 December 1943 |
| Nationality | Norwegian |
| Field | Macroeconomics |
| School or tradition |
New classical economics |
| Alma mater | Norwegian School of Economics (BSc) Carnegie Mellon University (PhD) |
| Doctoral advisor |
Edward C. Prescott David Cass |
| Influences | Robert S. Kaplan |
| Contributions | Real Business Cycle Theory Time consistency in economic policy |
| Awards | Nobel Memorial Prize in Economics, 2004 |
| Information at IDEAS / RePEc | |
Finn Erling Kydland (born 1 December 1943) is a Norwegian economist. He is known for his important work on how economies change over time. This includes understanding "business cycles," which are the ups and downs of economic activity.
Kydland is a professor at the University of California, Santa Barbara. He also teaches at Carnegie Mellon University, where he earned his PhD. He holds a part-time job at the Norwegian School of Economics. In 2004, Finn Kydland won the Nobel Memorial Prize in Economics. He shared this award with Edward C. Prescott. They won for their ideas on "dynamic macroeconomics," which is the study of how large economies behave. Their key contributions were about how economic policies should be consistent over time and what causes business cycles.
Contents
Biography
Early Life and Education
Finn Kydland grew up on a family farm in Søyland, Gjesdal, in southwestern Norway. He was the oldest of six children. He remembers his parents giving him a lot of freedom as a child.
Kydland became interested in mathematics and economics when he was young. This happened after he helped a friend with bookkeeping on a mink farm. He then decided to study economics.
He earned his first degree, a Bachelor of Science (BSc), from the Norwegian School of Economics in 1968. Later, he moved to the United States. He received his Doctor of Philosophy (PhD) in economics from Carnegie Mellon University in 1973. His PhD paper was called Decentralized Macroeconomic Planning. His supervisor was Edward C. Prescott.
After getting his PhD, Kydland returned to Norway to teach. In 1978, he moved back to Carnegie Mellon as a professor. He has lived in the United States ever since.
Academic Work and Research
Kydland is an expert in economics and how governments manage their economies. He teaches about business cycles, which are the natural ups and downs of the economy. He also teaches about monetary policy (how central banks control money supply) and fiscal policy (how governments use spending and taxes).
He joined Carnegie Mellon University in 1977. He taught there until 2004. Then, he became a professor at the University of California, Santa Barbara. At this university, he started a special group called the Laboratory for Aggregate Economics and Finance (LAEF).
Kydland also works with several Federal Reserve Banks in the US. He is a research associate for the Federal Reserve Banks of Dallas, Cleveland, and St. Louis. He is also a visiting professor at other universities around the world.
Family Life
Finn Kydland married Liv Kjellevold in 1968. They had four children together: Jon Martin, Eirik, Camilla, and Kari. He is now married to Tonya Schooler.
Honours and Awards
Finn Kydland has received many awards for his important work.
- Nobel Memorial Prize in Economic Sciences (2004)
- Fellow of the Econometric Society (since 1992)
- John Stauffer National Fellowship, Hoover Institution (1982–1983)
- Alexander Henderson Award, Carnegie Mellon (1973)
- Member of the Norwegian Academy of Science and Letters
- International Chamber of Commerce Oslo Business for Peace Award (2017)
See also
In Spanish: Finn Kydland para niños
