Economists

Edward S. Prescott

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Research Interests

My research interests include financial intermediation, payments systems, bank regulation, theory of the firm, and private information theory. I have also worked on developing algorithms for solving private information problems and the need and use of financial services by low-income people. Recently, I have been studying the feasibility of using market data for bank supervision purposes.

 

Professional Experience

Ned Prescott is a vice president in the Research Department. He has published in a variety of economic journals, including the Journal of Political Economy and the Review of Economic Studies. Presently, he serves as an associate editor of Economic Theory and an editor of the Richmond Fed’s Economic Quarterly.

Prescott was a visiting professor at CEMFI in Madrid, Spain in 2004, visited the European Central Bank in 2005, and taught at the University of Virginia. He joined the Richmond Fed as an economist in 1995.

Education

Ph.D., University of Chicago, 1995
B.A., Swarthmore College, 1988

Curriculum vitae

“Firms as Clubs in Walrasian Markets with Private Information” (with Robert M. Townsend). Journal of Political Economy 114, no. 4 (August 2006): 644-671.

“Private Information and Intertemporal Job Assignments” (with Robert M. Townsend). Review of Economic Studies 73, no. 2 (April 2006): 531-548.

“State-Contingent Bank Regulation with Unobserved Actions and Unobserved Characteristics” (with David A. Marshall). Journal of Economic Dynamics & Control 30, no. 11 (November 2006): 2015-2049.

“Computing Solutions to Moral-Hazard Programs Using the Dantzig-Wolfe Decomposition Algorithm.” Journal of Economic Dynamics & Control 28, no. 4 (January 2004): 777-800.

“Communication in Private-Information Models: Theory and Computation.” Geneva Papers on Risk and Insurance Theory 28, no. 2 (December 2003): 105-130.

“Incentives, Communication, and Payment Instruments” (with John A. Weinberg). Journal of Monetary Economics 50, no. 2 (March 2003): 433-454.

“Hired Hooves: Transactions in a South Indian Village Factor Market” (with Rolf A. Mueller and Daniel A. Sumner). Australian Journal of Agricultural and Resource Economics 46, no. 2 (June 2002): 233-255.

“Collective Organizations versus Relative Performance Contracts: Inequality, Risk Sharing, and Moral Hazard” (with Robert M. Townsend). Journal of Economic Theory 103, no. 2 (April 2002): 282-310.

“Bank Capital Regulation with and without State-Contingent Penalties” (with David A. Marshall). Carnegie-Rochester Conference Series on Public Policy 54 (June 2001): 139-184.

Essay Title Author(s)
09-05
May 2009		 The Costs and Benefits of Bank Supervisory Disclosure Edward S. Prescott
Stephen Slivinski

"A Snapshot of Mortgage Conditions with an Emphasis on Subprime Mortgage Performance" (with Scott Frame and Andreas Lehnert). Manuscript, August 2008.

Discussion of Charles M. Kahn and Joao A.C. Santos, "Endogenous Financial Fragility and Prudential Regulation." Presented at NAEFA, New Orleans, January 2008.

Discussion of Morton L. Bech and Rod Garrat, "Illiquidity in the Interbank Payments System following Wide-Scale Disruptions." Presented at "Modern Financial Institutions, Financial Markets, and Systemic Risk" Conference, Atlanta, April 2006.