Robert E. Hall and Michael Woodford Win Nobel Economics Prize for Stabilization Models

The Royal Swedish Academy of Sciences on October 12 awarded the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel jointly to Robert E. Hall and Michael Woodford. The citation recognizes their work on microeconomic foundations of macroeconomic stabilisation. Hall works at Stanford University in California, while Woodford is at Columbia University in New York. The Academy says their models build macroeconomic analysis from households’ and businesses’ decisions, including expectations about future policy, and help governments and central banks address economic shocks. The laureates share the 12 million Swedish kronor prize equally.