Robert E. Hall and Michael Woodford win 2026 Economics Nobel

UPDATE - follow-up to Americans Robert E. Hall, Michael Woodford win Economics Nobel 2026: Robert E. Hall of Stanford University and Michael Woodford of Columbia University won the 2026 Economics Nobel for their work on the microeconomic foundations of macroeconomic stabilisation. The Royal Swedish Academy of Sciences announced the prize on Monday, October 12, 2026. The laureates built new macroeconomic models that help governments and central banks use timely fiscal and monetary policy to smooth out the highs and lows of an economy. ## The Award Details The formal name of the honor is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Winners receive a cash prize of 12 million Swedish crowns, which equals about $1.2 million. The prize will be handed out on December 10, the death anniversary of Alfred Nobel. This announcement wraps up the 2026 Nobel prize season. ## Background and Context Sweden's central bank set up the economics prize in 1968, making it the only Nobel not included in Alfred Nobel's original 1895 will. Past winners include Joel Mokyr, Philippe Aghion, and Peter Howitt in 2025. Other recent 2026 winners include Navi Pillay for peace, Anne Carson for literature, Henri Kagan and Kenso Soai for chemistry, Francis Halzen for physics, and Karl Deisseroth, Peter Hegemann, and Georg Nagel for medicine.