Edward "Ned" S. Prescott is a senior professional economist in the Research Department of the Federal Reserve Bank of Cleveland. His research focuses on banking, financial intermediation, and contract theory. His research has appeared in the Journal of Political Economy, the Review of Economic Studies, the Review of Financial Studies, and other publications. Recently, he has worked on the lack of new bank entry and how that has contributed to the decline in the number of banks.
Dr. Prescott joined the bank in 2015. Previously, he was an economist and vice president at the Federal Reserve Bank of Richmond. In 2004, he was a visiting scholar at CEMFI. He has also taught at the University of Virginia. Presently, he serves as an associate editor for Economic Theory and the Journal of Financial Services Research.
Dr. Prescott received his bachelor's degree from Swarthmore College and his PhD from the University of Chicago.