And the winner is...

The Royal Swedish Academy of Sciences has decided to award the 2006 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Edmund S. Phelps, Columbia University, NY, USA, “for his analysis of intertemporal tradeoffs in macroeconomic policy”.

Phelps becomes the fourth member of Columbia University's economics department to win the Nobel, putting Columbia in a tie for second place with Harvard, Cal-Berkeley, and Cambridge. The University of Chicago is alone at the top with 9 Nobel laureates to its credit. For his efforts, Phelps will collect $1.4 million in prize money.