Nancy Laura Stokey (born May 8, 1950) has been the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago since 1990 and focuses particularly on mathematical economics while recently conducting research about Growth Theory, economic dynamics, and fiscal/monetary policy. She earned her BA in economics from the University of Pennsylvania in 1972 and her PhD from Harvard University in 1978, under the direction of thesis advisor Kenneth Arrow. She is a Fellow of the Econometric Society, the American Academy of Arts and Sciences and the National Academy of Sciences. She previously served as a co editor of Econometrica and was a member of the Expert Panel of the Copenhagen Consensus. She received her Honorary Doctor of Laws (L.L.D) in 2012 from the University of Western Ontario. Much of her work has been done by digesting economic dynamics, which most of this work is done as an expositor. She spent a great deal of time recently researching growth theory, economic dynamics, as well as fiscal and monetary policy. Author Stokey has published significant research in the areas of economic growth and development, as well as papers on economic history ("A Quantitative Model of the British Industrial Revolution: 1780–1850," 2001) and optimal control ("Dynamic Programming with Homogeneous Functions," 1998, co-authored with Fernando Alvarez). She is the co-developer, with Paul Milgrom, of the no-trade theorem, a counter-intuitive development of the premises of financial economics. She co-authored with Robert Lucas, Jr. and Edward Prescott a book on Recursive Methods in Economic Dynamics that is widely used by research economists and graduate students. Stokey worked with Paul Milgrom to publish "Information, Trade, and Common Knowledge" (1982), which established that information-based trade is not possible for rational agents with common knowledge. This work contributed to be one of the pillars of modern finance. Stokey has also written articles that explain the "wait and see model", which describes investment decisions that firms who face a one-time tax policy will endure. As well as the author of The Economics of Inaction (2009) which treats models that involve fixed costs of adjustment. Stokey has written critically about how the United Nations allocates funds for international economic development and humanitarian aid. Stokey coauthored "Optimal Monetary and Fiscal Policy" which was one of the first papers to examine the time consistency of macroeconomic policy and to demonstrate the importance of central banks following rules. Her recent research