Robert E. Hall and Michael Woodford Win 2026 Nobel Prize in Economic Sciences
The 2026 Nobel Prize in Economic Sciences has been awarded to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.”
According to the Nobel Prize, the two economists developed new macroeconomic models that have significantly improved our understanding of how to implement effective stabilisation policies. Their work shows how timely fiscal and monetary policy measures can help smooth economic peaks and troughs.
Two Economists, Two Leading US Universities
Robert E. Hall, born in 1943 in Palo Alto, California, earned his PhD from the Massachusetts Institute of Technology (MIT) in 1967. He is a professor at Stanford University.
Michael Woodford, born in 1955 in Chicopee, Massachusetts, earned his PhD from MIT in 1983. He is a professor at Columbia University in New York.
The award highlights the continuing importance of strong university-based research in economic policy, bringing together microeconomic foundations and macroeconomic stabilisation to better understand how economies respond to shocks and policy interventions.
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