American-Norwegian team wins Nobel in Economics

Norwegian Finn Kydland and Edward Prescott of the United States won &to=' target=_blank>the Nobel economics prize for 2004 for analyzing how economic policy is shaped and what drives business cycles.

"Their work has not only transformed economic research, but has also profoundly influenced the practice of economic policy in general, and monetary policy in particular," the Royal Swedish Academy of Sciences said in its citation.

Their research has "transformed the theory of business cycles by integrating it with the theory of economic growth," reports Reuters.

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