Two US economists win Nobel Prize for economic stabilisation work

Summarised from 9 outlets · 11 reports · Updated 12 Oct, 12:27 · Archive

Robert E. Hall and Michael Woodford have won the 2026 Nobel Prize in Economic Sciences for their research on macroeconomic stabilisation.

US economists Robert E. Hall and Michael Woodford have been awarded the 2026 Nobel Prize in Economic Sciences. The Royal Swedish Academy of Sciences announced the award in Stockholm on Monday, honouring them 'for microeconomic foundations of macroeconomic stabilisation'.

Hall is a professor at Stanford University in California, while Woodford is a professor at Columbia University in New York. They will share the prize of 12 million Swedish kronor, worth approximately $1.2 million.

The academy said in a statement that 'the laureates have helped us smooth out the economy's peaks and troughs'. Their work has provided the theoretical foundation for economic models now used by central banks and governments to respond to shocks such as energy crises or sudden changes in consumer spending.

John Hassler, chair of the Committee for the Prize in Economic Sciences, said in a statement: 'The laureates' work has provided us with a stable theoretical foundation for the models that are now used by central banks and governments around the world. With them, we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume.'

Woodford responded to news of the award by telephone from New York, saying: 'It's a tremendous honour, it's a surprise.'

The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sweden's central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite. Although not one of the original five Nobel Prizes established in Nobel's will, the economics prize is presented together with them on 10 December, the anniversary of Nobel's death in 1896.

Last year's economics prize was awarded to three researchers who study business innovation for explaining how new products and inventions promote economic growth and human welfare. The prize is predominantly awarded to laureates from the United States, though only three women have ever won it, most recently Claudia Goldin in 2023 for work on gender and employment in the United States.

How it is being reported

• Nobel prize awarded to US economists for work in shock managementThe US economists awarded the prize for their research into how central banks and governments can better handle economic shocksIndependent World · 12 Oct, 12:14
• Robert E. Hall and Michael Woodford win Nobel memorial prize in economicsRobert E. Hall and Michael Woodford won the Nobel memorial prize in economics for their research on macroeconomic stabilization.New York Post · 12 Oct, 11:44
• Nobel prize in economics awarded to Robert E. Hall and Michael WoodfordCNBC · 12 Oct, 11:18
• Nobel prize in economics goes to 2 AmericansAmerican-born economists Robert E. Hall and Michael Woodford won the Nobel memorial prize in economics for their work on models that help governments and central banks manage economic shocks.CBS News · 12 Oct, 11:18
• 🔴 Americans Robert E. Hall and Michael Woodford win Nobel Prize in EconomicsFrance 24 · 12 Oct, 10:55
• Nobel Prize in Economics goes to Robert E. Hall and Michael Woodford for their microeconomic focus on stabilization policyThe pair got the Nobel for their work in microeconomic foundations of macroeconomic stabilization.DW News · 12 Oct, 10:55
• Nobel Prize in Economics goes to pair of US economistsThe pair got the Nobel for developing economic models that help governments and central banks respond more effectively to booms and recessions.DW News · 12 Oct, 10:55
• Robert Hall and Michael Woodford win 2026 Nobel economics prizeThe award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was the final prize to be given this year.The Japan Times · 12 Oct, 10:52
• Robert Hall and Michael Woodford win 2026 Nobel economics prizeThe award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was the final prize to be given this year.The Japan Times · 12 Oct, 10:52
• Nobel Prize for Economics awarded to Hall and WoodfordLive coverage of exciting economicsy stuffFinancial Times · 12 Oct, 10:09
• Two Americans win Nobel Prize in Economics for work on boom-bust cyclesThe Nobel Prize in Economics, the sixth and last of this year's awards, will be announced today in Sweden.NPR · 12 Oct, 09:35

In this story: Robert E. Hall · Michael Woodford · Stanford University · Columbia University · Royal Swedish Academy of Sciences · Sweden

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