This 1977 Journal of Political Economy paper by Finn Kydland and Edward Prescott argues that optimal control theory -- the standard technique proposed for macroeconomic stabilization policy -- is not …
This 1985 Journal of Monetary Economics paper by Rajnish Mehra and Edward C. Prescott documents that over 1889-1978 U.S. equities earned about seven percent real return per year on average while …
This 1982 Econometrica paper by Finn Kydland and Edward Prescott builds an equilibrium growth model, fitted to post-war U.S. quarterly data, in which business-cycle fluctuations arise from technology …