2026 Nobel Prize in Economics Awarded to Robert E. Hall and Michael Woodford
Announced by the Royal Swedish Academy of Sciences, the 2026 Nobel Prize in Economics has been awarded to US economists Robert E. Hall and Michael Woodford for developing macroeconomic stability models.
The Royal Swedish Academy of Sciences announced that the 2026 Nobel Prize in Economics has been awarded to American economists Robert E. Hall and Michael Woodford. The two economists were deemed worthy of the prize for the models they developed on the microeconomic foundations of macroeconomic stability and for their work aimed at explaining inflation, growth, and economic fluctuations based on the decisions of households and businesses.
Winners of the Prize
The Royal Swedish Academy of Sciences decided to award the 2026 Nobel Prize in Economics to Robert E. Hall and Michael Woodford.
Developed Models
The prize was awarded due to studies conducted on the microeconomic foundations of macroeconomic stability and the development of new macroeconomic models explaining inflation, growth, and economic fluctuations centered around the decisions of households and companies.
New Keynesian Approach
The works of Hall and Woodford, who laid the foundations of the New Keynesian economic approach, enabled central banks and governments to formulate more effective policies against economic downturns, inflation, and supply shocks.
Academic Background
Born in the US in 1943, Robert E. Hall works at Stanford University. Born in the US in 1955, Michael Woodford continues his research at Columbia University.
Ceremony and Details
The award ceremony will take place along with other Nobel prizes on December 10, the anniversary of Alfred Nobel's death, and the prize consists of a diploma, a gold medal, and a $1.2 million cash prize.