'Macroeconomic Stability' Pioneers Hall and Woodford Win Nobel Prize in Economic Sciences
"Explaining the Effects of Stabilization Policies on Economic Fluctuations"
The 2026 Nobel Prize in Economic Sciences has been awarded to two American economists who have studied the microeconomic foundations of macroeconomic stability.
The Royal Swedish Academy of Sciences announced on October 12 (local time) that it had decided to award the prize to Robert Hall, 83, and Michael Woodford, 71. Hall is an American and a professor at Stanford University. Woodford, also an American, is a professor at Columbia University.
The Royal Swedish Academy of Sciences said, "Their research has brought significant changes to economic stabilization policy," adding, "The new Keynesian models developed based on their work make it possible to explain and quantify the effects of stabilization policies on economic fluctuations." The Academy emphasized that "these models are now used by central banks and finance ministries around the world."
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The Nobel Prizes, awarded in accordance with the wishes of Swedish inventor Alfred Nobel to individuals who have made significant contributions to the advancement of humanity, concluded this year's announcements with the Nobel Prize in Economic Sciences on October 12, following the Nobel Prize in Physiology or Medicine on October 5. The award ceremony will be held on December 10, the anniversary of Nobel's death. Laureates receive a diploma, a medal, and prize money. This year's prize money is 12 million Swedish kronor (about 1.6 billion won) in each category.
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