Edward Prescott 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," according to the prize announcement.
A member of the Arizona State economics faculty since 2003, Prescott has also taught at the University of Minnesota, University of Chicago, Northwestern University, Carnegie-Mellon University, and University of Pennsylvania. Visiting Appointments: New York University; University of California-Santa Barbara; University of Chicago; Northwestern University; Norwegian School of Business and Economics. He has also been an economic advisor at the Federal Reserve Bank of Minneapolis since 1981.
He earned his Ph.D. at Carnegie-Mellon University, his master's degree at Case-Western Reserve University, and a bachelor of arts degree from Swarthmore College.