American Economists Robert Hall and Michael Woodford Win 2026 Nobel Prize

American economists Robert E. Hall of Stanford University and Michael Woodford of Columbia University have won the 2026 Nobel Prize in economics for their work on the microeconomic foundations of macroeconomic stabilisation. The Royal Swedish Academy of Sciences announced the award on Monday, October 12, 2026, noting that the laureates developed new macroeconomic models that improve how governments and central banks implement effective stabilisation policy. Using these models, well-timed fiscal and monetary policy measures can reduce the peaks and troughs of an economy.

Award Details

The honor is formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel and is worth 12 million Swedish crowns, which is about $1.2 million. The winners will split this cash award on December 10, the death anniversary of Alfred Nobel. John Hassler, chair of the Committee for the Prize in Economic Sciences, stated that the research helps the world deal better with economic shocks such as energy crises or sudden shifts in household consumption. The economics prize is the final award given out in the 2026 Nobel season.

Context

Established by Sweden's central bank in 1968, the economics prize is the only Nobel not included in the original 1895 will of Alfred Nobel. This year's Nobel season also saw prizes awarded across medicine, physics, chemistry, literature, and peace, with the economics prize bringing the announcements to a close.