Hall, Woodford win Nobel economics prize for macroeconomic stability research

American economists Robert Hall, 83, and Michael Woodford, 71, have been awarded the Nobel Prize in Economics for their research into the microeconomic foundations of macroeconomic stability.

The Royal Swedish Academy of Sciences announced Monday (local time) that the two had been selected as the 2026 Nobel laureates in economics.

Hall is a professor at Stanford University, and Woodford holds a professorship at Columbia University.

The academy said the pair's work had brought significant change to economic stabilization policy. "The New Keynesian models that emerged from their research allow us to explain and quantify how stabilization policies affect business cycles," it said, adding that the models are now in use at central banks and finance ministries around the world.

The Nobel Prize in Economics is awarded to individuals who have made outstanding contributions to the advancement of the field.

Since its inaugural recipients — Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands — claimed the prize in 1969, a total of 101 people have received the award across 58 ceremonies through this year.

The oldest recipient in the prize's history is Leonid Hurwicz of the United States, who won in 2007 at the age of 90.

The youngest is Esther Duflo, an American scholar who shared the prize in 2019 at age 46.

Three women have won the prize: Elinor Ostrom in 2009, Duflo in 2019, and Claudia Goldin in 2023.

In Asia, Amartya Sen of India was the first recipient, winning in 1998.

The award ceremony is held on Dec. 10, the anniversary of Alfred Nobel's death. Laureates receive a diploma, a medal and a cash prize. This year's prize is 12 million Swedish kronor (about $1.2 million) per field.