Nobel Prize in Economics 2026 Awarded to Robert E. Hall and Michael Woodford
American economists Robert E. Hall of Stanford University and Michael Woodford of Columbia University have been named recipients of the 2026 Nobel Memorial Prize in Economic Sciences for their research on macroeconomic stabilisation. Their work has helped shape economic models used by central banks and governments. The award carries prize money of 12 million Swedish kronor.
Stockholm: American economists Robert E. Hall and Michael Woodford have been awarded the 2026 Nobel Memorial Prize in Economic Sciences for their contributions to understanding the microeconomic foundations of macroeconomic stabilisation.
The Royal Swedish Academy of Sciences announced the award on Monday, October 12, recognising the economists' work in developing theoretical models that help central banks and governments understand economic fluctuations and respond to financial shocks.
Hall is affiliated with Stanford University in California, while Woodford is associated with Columbia University in New York.
Research Helps Central Banks Manage Economic Shocks
The laureates' research has contributed to modern macroeconomic models used to analyse how households, businesses and policymakers respond to changing economic conditions.
Their work provides a theoretical foundation for understanding how monetary policy can influence economic activity and how governments and central banks can respond to disruptions such as energy crises and changes in consumer spending.
John Hassler, chair of the Committee for the Prize in Economic Sciences, said the economists' contributions have strengthened the theoretical foundations of models used by policymakers worldwide.
Prize Money Set at 12 Million Swedish Kronor
The economics prize carries an award of 12 million Swedish kronor, approximately $1.2 million.
Officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established by Sweden's central bank in 1968.
Unlike the original five Nobel Prizes established under Alfred Nobel's will, the economics prize was created separately. However, it is presented alongside the other Nobel honours during the annual ceremony on December 10.
The announcement concludes this year's Nobel Prize announcements, following the recognition of laureates in medicine, physics, chemistry, literature and peace.