Robert Hall and Michael Woodford win 2026 Economics Nobel
publishers 21articles 21first reported 12 Oct, 00:00 UTCdeveloping since 12 Oct · 8 editions
American economists Robert E. Hall of Stanford University and Michael Woodford of Columbia University have won the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for research on stabilizing economies during recessions and periods of inflation.
The Royal Swedish Academy of Sciences awarded the prize “for microeconomic foundations of macroeconomic stabilisation.” Hall and Woodford will share 12 million Swedish kronor, about $1.2 million, equally.
Their work examines how the choices and expectations of households and businesses shape broader economic fluctuations, helping governments and central banks assess how measures such as interest-rate changes and fiscal policy affect economic activity.
The research contributed to the foundations of New Keynesian economics, a framework that incorporates features such as “sticky prices” — the tendency of firms to adjust prices only periodically rather than continuously as conditions change. Because prices may respond slowly, shifts in demand can reduce production and employment, creating a role for policy intervention.
Hall’s research has examined how households make consumption decisions based on expected future income and resources. Woodford’s work has helped explain how public expectations and firms’ price-setting behavior influence the effects of monetary policy. The theories have informed policymakers’ responses to economic crises, including interventions during the COVID-19 pandemic.
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