U.S. Economists Robert Hall and Michael Woodford Win 2026 Nobel Prize in Economics

The Royal Swedish Academy of Sciences said their micro‑foundations help governments and central banks smooth economic shocks.

By Felo News Desk · Published Mon, 12 Oct 2026 13:28:08 GMT

American‑born economists Robert E. Hall and Michael Woodford were announced as the 2026 Nobel Memorial Prize in Economic Sciences winners on Monday, according to the Royal Swedish Academy of Sciences.

What happened

The Academy disclosed the award in Stockholm, citing the duo’s research on the microeconomic foundations of macroeconomic stabilisation. The prize, formally the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, carries a value of 12 million Swedish crowns.

What the reports add

Reuters‑derived reporting from the New York Post notes that the Academy’s statement said the laureates “have helped us smooth out the economy’s peaks and troughs.” The Independent adds that the award recognises decades of work constructing bottom‑up models now used by central banks and finance ministries worldwide. CBS News repeats the Academy’s wording and identifies the prize as the final honour presented this year.

What was said

John Hassler, chair of the Committee for the Prize in Economic Sciences, told a news release that the laureates’ work “has provided us with a stable theoretical foundation for the models that are now used by central banks and governments around the world.” He added that with their research, “we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume.” Woodford, speaking by phone from New York, called the award “a tremendous honour, it’s a surprise.”

How it came about

Hall, affiliated with Stanford University in California, and Woodford, linked to Columbia University in New York, have long‑standing research programmes on how micro‑level decisions aggregate into macro‑economic outcomes. Their models have been incorporated into policy tools used by governments and central banks to manage economic fluctuations. Felo’s earlier coverage of Nobel‑related events, such as the award of the 2026 Nobel Peace Prize to Navi Pillay, highlighted the broader public interest in Nobel recognitions this month.

Key facts

Robert E. Hall and Michael Woodford won the 2026 Nobel Memorial Prize in Economic Sciences. (nypost.com)
The award was given for their work on microeconomic foundations of macroeconomic stabilisation. (nypost.com)
Hall is affiliated with Stanford University; Woodford with Columbia University. (nypost.com)
John Hassler, chair of the prize committee, praised the practical importance of their research. (independent.co.uk)
Woodford described the prize as a “tremendous honour, it’s a surprise.” (independent.co.uk)