Kydland, Prescott bag Economics Nobel

The 2004 Nobel Prize for Economics was jointly won by Finn E Kydland of Norway and Edward C Prescott of the United States on Monday.

The duo won the coveted prize 'for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles,' said the Nobel Foundation on its Web site.

Finn E. Kydland is a professor at the Carnegie Mellon University, Pittsburgh and University of California, Santa Barbara, USA, while Edward C. Prescott is a professor at the Arizona State University, Tempe.

This year's prize amount is about $1.5 million and will be shared equally among the Laureates.

Finn E Kydland (L) and Edward C Prescott (R). Photo: Getty Images

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