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Edward Prescott

Regent's Professor at University of Minnesota, Fellow of the American Academy of Arts and Science


One problem is that sometimes the environment changes and the old rule no longer works well, which necessitates a change in the rule. But such changes should be made only after a lot of discussion with past commitments being honored as much as practical. Credibility of policy permits much better outcomes to be achieved.

Sep. 1996 - from an interview published in The Region, a publication of the Woodrow Federal Reserve Bank of Minneapolis
What we should be worrying about is increasing the average rate of increase in economywide productivity and not smoothing business cycle fluctuations.

Sep. 1996 - from an interview published in The Region, a publication of the Woodrow Federal Reserve Bank of Minneapolis
... recessions or economic fluctuations are the result of the sum of many random causes. We don't have a theory of what causes economywide productivity to change.

Sep. 1996 - from an interview published in The Region, a publication of the Woodrow Federal Reserve Bank of Minneapolis