American economists Robert E. Hall and Michael Woodford have won the 2026 Nobel Memorial Prize in Economic Sciences for their work on how economies can stay stable during major changes.
The Royal Swedish Academy of Sciences announced the award in Stockholm on Monday, October 12.
Hall is linked to Stanford University in California, while Woodford works at Columbia University in New York.
Their research has helped build the economic models used by central banks and governments around the world. These models help officials understand how an economy may respond to sudden changes, such as energy crises or shifts in household spending.
John Hassler, chair of the Committee for the Prize in Economic Sciences, said their work gives policymakers a strong base for dealing with economic shocks.
The prize is formally called the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Sweden’s central bank created it in 1968 in memory of Alfred Nobel.
The award carries prize money of 12 million Swedish kronor, worth about $1.2 million this year.
