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2026 Nobel Economics Prize Goes to Robert E. Hall and Michael Woodford for Stabilisation Research
The Royal Swedish Academy of Sciences has awarded the 2026 Sveriges Riksbank Prize in Economic Sciences to Stanford's Robert E. Hall and Columbia's Michael Woodford, for microeconomic foundations of macroeconomic stabilisation.
Why it matters
The Royal Swedish Academy of Sciences has decided to award the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Robert E. Hall of Stanford University and Michael Woodford of Columbia University, "for microeconomic foundations of macroeconomic stabilisation."
The Academy says their research generated a paradigm shift in stabilisation policy. New Keynesian models resulting from their research allow economists to explain and quantify how stabilisation policy affects business cycles, and are now used by central banks and finance ministries around the world.
Full report
Rather than basing models on statistical links between macroeconomic variables such as inflation, production and consumption, the laureates rebuilt the models on a microeconomic foundation: an understanding of how the total mass of individual households and businesses affects the economy through their actions.
The economics prize is the last of the 2026 Nobel prizes to be announced, following medicine (optogenetics), physics (Francis Halzen), chemistry (Kagan and Soai), literature (Anne Carson) and peace (Navi Pillay).
The award ceremony takes place in Stockholm on December 10, as tradition holds.
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