The Editor, Advisory Board, and Associate Editors of Macroeconomic Dynamics extend their heartiest congratulations to Finn Kydland and Ed Prescott as the co-recipients of the 2004 Nobel Prize in Economics.

Finn has served on the MD advisory board since the journal's founding, and his advice during the journal's formative years has helped make MD the success it is today.

Much of the work which the Nobel Committee cited as the basis for awarding the prize to Finn and Ed was done while Ed was a junior faculty member at the Graduate School of Industrial Administration (now the Tepper School of Business) at Carnegie Mellon University, and while Finn was earning his doctorate at GSIA. As a result, the Board thought it would be appropriate to include a brief explication of the significance of Finn and Ed's work written by one of Finn's current Ph.D. students at Carnegie Mellon, Espen Henriksen. Espen is currently working to complete his thesis under Finn's supervision.