Americans Robert Hall and Michael Woodford Win 2026 Nobel Economics Prize

The Royal Swedish Academy of Sciences announced Monday that American-born economists Robert E. Hall of Stanford University and Michael Woodford of Columbia University have won the Nobel memorial prize in economics "for microeconomic foundations of macroeconomic stabilization."

Their work on models that help governments and central banks manage economic shocks — from energy crises to sudden shifts in household consumption — has helped "smooth out the economy's peaks and troughs," limiting unemployment and inflation.

Committee chair John Hassler said their research gives policymakers "a stable theoretical foundation for the models that are now used by central banks and governments around the world."

Woodford spoke to the committee by phone from New York after the announcement: "It's a tremendous honor, it's a surprise." The prize is worth 12 million Swedish crowns (about $1.2 million) and is the final Nobel announced this year.

Sources

• Associated Press (via The Korea Times) — "American Hall, Woodford win Nobel memorial prize in economics" (Oct 12, 2026)
• NPR (via WKYU-FM) — "Two Americans win Nobel prize in economics for work on boom-bust cycles" (Oct 12, 2026)
• Reuters (via Geo News) — "Americans Hall and Woodford win 2026 Nobel economics prize" (Oct 12, 2026)