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Nobel economics prize goes to architects of tools against inflation and recession
The Royal Swedish Academy of Sciences awarded the 2026 economics prize to Robert Hall and Michael Woodford for research that underpins central banks’ tools against inflation and recession.
The Royal Swedish Academy of Sciences in Stockholm announced on Monday that U.S. economists Robert Hall and Michael Woodford have won the 2026 prize in economic sciences “for microeconomic foundations of macroeconomic stabilisation.”
Central banks around the world, including those in the Arab region, rely on models that grew out of the laureates’ work when setting interest rates and fighting waves of inflation or slowing growth. These models link the decisions of individuals and companies to the movement of the economy as a whole.
A labor-market expert and a New Keynesian pioneer
Robert Hall, born in 1943, is a professor at Stanford University specializing in unemployment and the labor market. He has served as president of the American Economic Association and for years led the committee that dates U.S. recessions.
Michael Woodford, born in 1955, is a professor at Columbia University and one of the leading theorists of the New Keynesian school, author of “Interest and Prices,” a reference work for monetary policymakers.
The two share an award worth 12 million Swedish crowns, whose announcement closed this year’s Nobel prizes.
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