Robert E. Hall and Michael Woodford Awarded Nobel for Economics

Robert E. Hall and Michael Woodford, two American professors, were awarded the Nobel Memorial Prize in Economic Sciences on Monday for their decades of research that has guided policies aimed at reducing the effects of economic turmoil.

Mr. Hall, 83, a professor at Stanford University, and Mr. Woodford, 70, a professor of political economy at Columbia University, were awarded the prize “for microeconomic foundations of macroeconomic stabilization,” the awarding committee said.

The two new laureates were essential in the development of a framework that enabled politicians, central banks and others to implement timely economic measures so that there were milder peaks and troughs, the Royal Swedish Academy of Sciences said. That, in turn, helped to shield the most vulnerable in society, who are particularly exposed to economic shocks that lead to high unemployment and inflation.

Mr. Hall studied consumer demand and spending to develop his economic models, while Mr. Woodford considered the supply side of the economy, looking at the price-setting behavior of companies.

Article source: https://www.nytimes.com/2026/10/12/business/nobel-prize-economics.html