2026 Nobel Prize in Economics Awarded to Robert E. Hall and Michael Woodford
The US economists, known for their work on the microeconomic foundations of macroeconomic stability, shared the grand prize of 12 million Swedish kronor.
US economists Robert E. Hall and Michael Woodford have been awarded the 2026 Nobel Prize in Economics for their work on the microeconomic foundations of macroeconomic stability. In the announcement made by the Royal Swedish Academy of Sciences, it was stated that the two economists have made significant contributions to the development of economic policies.
Recipients and Amount of the Prize
US economists Robert E. Hall and Michael Woodford will share the monetary prize of 12 million Swedish kronor (approximately $1.2 million).
Purpose of the Developed Models
The macroeconomic models developed by the two economists contribute to a better understanding of fluctuations experienced during periods of economic recession and growth, and to taking timely measures against them.
Tools Offered to Policymakers
John Hassler, Chairman of the Committee for the Prize in Economic Sciences, stated that the laureates' work provides policymakers with more advanced tools to combat economic shocks such as energy crises and sudden changes in household consumption.
Tradition of the Nobel Prizes
Established in accordance with the will of Swedish scientist and inventor Alfred Nobel, the Nobel Foundation has been rewarding individuals and organizations making significant contributions to humanity since 1901.