US economists Hall, Woodford win 2026 Nobel Prize in Economics
Baku, October 12, AZERTAC
US economists Robert E. Hall and Michael Woodford were awarded the 2026 Nobel Prize in Economics "for microeconomic foundations of macroeconomic stabilization," Anadolu Agency reported.
The Royal Swedish Academy of Sciences announced the winners of the 2026 Nobel Prize in Economics during a news conference.
Hall and Woodford demonstrated how to reconstruct economic models to revitalize stabilization policies.
Their approach focuses on building models on microeconomic foundations rather than relying on statistical links between macroeconomic variables like inflation, production and consumption.
This method provides a deeper understanding of how the combined actions of individual households and businesses affect the overall economy.
Born in the US state of California in 1943, Hall continues his work as an economics professor at Stanford University.
Woodford, born in the US state of Massachusetts in 1955, serves as an economics professor at Columbia University.
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