Stanford and Columbia professors win 2026 Economics Nobel

UPDATE - follow-up to Americans Robert E. Hall, Michael Woodford win Economics Nobel 2026: American professors Robert E. Hall of Stanford University and Michael Woodford of Columbia University have won the 2026 Economics Nobel for their work on the microeconomic foundations of macroeconomic stabilisation.

The Award

The Royal Swedish Academy of Sciences announced the prize in Stockholm, noting that the laureates developed new models that help governments and central banks use fiscal and monetary policy to reduce economic peaks and troughs. John Hassler, chair of the Committee for the Prize in Economic Sciences, stated that their work provides a stable theoretical foundation that equips the world to deal with shocks like energy crises. Formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award carries a cash prize of 12 million Swedish kronor, which amounts to about $1.2 million total, or roughly $900,000 each.

Context

Established by Sweden's central bank in 1968, the economics award is presented alongside the other Nobel prizes on December 10, the death anniversary of Alfred Nobel. This announcement marks the close of the 2026 Nobel season, which previously honoured winners in medicine, physics, chemistry, literature, and peace.