Sweden: American economists Robert E. Hall and Michael Woodford were awarded the 2026 Nobel Memorial Prize in Economic Sciences on Monday for their work on the microeconomic foundations of macroeconomic stabilisation.
The Royal Swedish Academy of Sciences announced the award in Stockholm, recognising research that has helped establish the theoretical basis for economic models used by central banks and governments worldwide.
John Hassler, chair of the Committee for the Prize in Economic Sciences, said the laureates’ work helps policymakers better understand and respond to economic shocks, including energy crises and sudden changes in household consumption.
Hall is affiliated with Stanford University in California, while Woodford is associated with Columbia University in New York.
About The Economics Nobel
The award is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. Established by Sweden’s central bank in 1968, it commemorates Alfred Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the original Nobel Prizes.
Although often called the Nobel Prize in Economics, it is technically separate from Nobel’s original awards but is presented alongside them on December 10, the anniversary of his death in 1896. The prize carries 12 million Swedish kronor, approximately $1.2 million, whether awarded to an individual, a group or an organisation.
Last year, three researchers received the economics award for explaining how innovation and new inventions drive economic growth and improve human welfare, while making older businesses less competitive.
The 2026 economics announcement was the final award in this year’s Nobel cycle, following prizes in medicine, physics, chemistry, literature and peace.
