Nobel economics prize awarded to Robert Hall and Michael Woodford
The Royal Swedish Academy of Sciences awarded the 2026 Nobel Prize in Economic Sciences to US economists Robert Hall and Michael Woodford.
Their macroeconomic models examine how monetary and fiscal policies can help steady the economy. The academy said the work improves policymakers’ ability to respond to economic swings.
The models are based on how households and businesses make decisions, rather than relying only on statistical relationships among measures such as inflation, output and consumption. The academy said they are used by central banks and governments worldwide.
The research may help officials address shocks such as energy crises or sudden shifts in household spending. The article did not specify what comes next for the laureates.
The economics prize began in 1969 and was established by Sweden’s central bank, rather than being among the original Nobel awards created under Alfred Nobel’s will. Last year’s award went to Joel Mokyr, Philippe Aghion and Peter Howitt for work on innovation and economic growth.
Key points
- Hall and Woodford received the 2026 economics prize for research on stabilising economic fluctuations.
- Their models draw on household and business decisions and inform policy worldwide.
- The economics prize was created by Sweden’s central bank in 1969.