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News: 2026 Nobel Prize in Economics is being awarded to Robert E. Hall of Stanford University and Michael Woodford of Columbia University.
About 2026 Nobel Prize in Economics
- American-born economists Robert E. Hall and Michael Woodford won the 2026 Nobel Prize in Economics.
- They got prize for their work on the microeconomic foundations of macroeconomic stabilisation.
- Robert E. Hall is affiliated with Stanford University in California, and Michael Woodford with Columbia University in New York.
- About their work:
- Earlier economic models were based mainly on statistical relationships between factors such as inflation, production and consumption.
- However, they developed models based on the decisions of individual households and businesses and how these decisions affect the overall economy.
- Their macroeconomic models that have strengthened policymakers’ ability to design effective stabilisation measures.
- Their research helps governments and central banks time fiscal and monetary interventions to limit the impact of economic fluctuations.
- Earlier economic models were based mainly on statistical relationships between factors such as inflation, production and consumption.
About Nobel Prize in Economics
- It is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.
- Established by: It was established by Sweden’s central bank in 1968 and first awarded in 1969.
- Awarded by: The award is announced by the Royal Swedish Academy of Sciences in Stockholm.
- Prize money: The prize money this year is 12 million Swedish kronor (about $1.2 million), whether for an individual, small group of laureates or organisation.
