Business · Economy · 2 hrs ago
Robert Hall and Michael Woodford win 2026 economics prize
U.S. economists Robert E. Hall and Michael Woodford have won the 2026 prize in economic sciences.
Hall is affiliated with Stanford University in California, and Woodford with Columbia University in New York.
The Royal Swedish Academy of Sciences announced the award in Stockholm on October 12.
Their work connects decisions made by households and businesses with how the wider economy behaves.
Models based on this approach are used by central banks and governments to guide policy and respond to shocks such as energy crises or changes in household spending.
The aim is to reduce sharp rises and falls in economic activity.
The award is worth 12 million Swedish kronor and will be presented on December 10.
Robert Hall and Michael Woodford won the 2026 Nobel Memorial Prize in Economic Sciences for developing models that help policymakers stabilize economies.
The two American economists were recognized for building macroeconomic models on the decisions of households and businesses.
Their work gave governments and central banks tools to respond to economic shocks, including inflation, recessions and energy crises.
Hall is a professor at Stanford University, and Woodford is a professor at Columbia University.
They developed their contributions separately.
- Who
- American economists Robert Hall and Michael Woodford.
- What
- They won the 2026 Nobel Memorial Prize in Economic Sciences for their work on models for economic stabilization.
- When
- Monday, October 12, 2026.
- Where
- The Royal Swedish Academy of Sciences announced the award in Stockholm.
- Why
- Their research built macroeconomic models on how households and businesses make decisions, helping policymakers manage economic shocks.
This story does not have two clearly opposing sides.
The oil shocks and stagflation exposed limits in existing Keynesian models.
Hall and economist Fredric Mishkin published a paper on households unable to borrow or draw on savings, according to the Times of Israel article.
Policymakers used approaches including forward guidance when conventional monetary policy tools were inadequate.
Hall and Woodford were announced as winners of the economics prize.
- Prize year
- 2026
- Winners
- Robert Hall and Michael Woodford
- Hall’s affiliation
- Stanford University, California
- Woodford’s affiliation
- Columbia University, New York
- Prize citation
- Microeconomic foundations for macroeconomic stabilization
- Announcement location
- Stockholm
What people are saying
The laureates' work has provided us with a stable theoretical foundation for the models that are now used by central banks and governments around the world
The laureates’ research has made it possible to manage major macroeconomic crises far more effectively than before
It’s a tremendous honor. It’s a surprise.
This is the Keynesian recipe and it worked well — until it didn’t
Posts on X
BREAKING NEWS The Royal Swedish Academy of Sciences has decided to award the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.” #NobelPrize
2026 economic sciences laureate Michael Woodford’s economic model has made it possible to respond to supply shocks more effectively. Various types of shocks can disrupt the balance between supply and demand. A negative supply shock could be a commodity shortage, while a positive
“This affects our lives in a very concrete way.” Following the announcement of the prize, we spoke to Timo Boppart, member of the committee for the prize in economic sciences. Boppart explained how the work by this year's laureates Robert E. Hall and Michael Woodford is used
Sources
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