The Nobel Memorial Prize in Economics is to be awarded in Stockholm today

Updated 2026-10-14 · told from many outlets at once

Robert Hall and Michael Woodford won the 2026 Nobel Prize in Economic Sciences in Stockholm. The award recognizes their research on the microeconomic foundations of macroeconomic stabilization. The prize, established in 1968 by Sweden’s central bank, is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.

• Robert Hall and Michael Woodford won the 2026 Nobel Prize in Economic Sciences for their work on the microeconomic foundations of macroeconomic stabilization.
• The prize money is 12 million Swedish kronor.
• The jury recognized their research on the microeconomic foundations of macroeconomic stabilization.
• The laureates developed macroeconomic models used by central banks to stabilize economies.
• The award is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel and was established by Sweden’s central bank.
• The Royal Swedish Academy of Sciences announced the winners in Stockholm.
• The Nobel Prize in Economics was established in 1968.
• The models are built on microeconomic foundations rather than statistical relationships.
• The jury said timely budgetary and monetary measures can reduce economic fluctuations.
• John Hassler, president of the prize committee, praised the laureates' work as providing a solid theoretical basis for current models.
• Michael Woodford is a professor at Columbia University.
• Hall is a professor at Stanford University.
• Keynes argued that governments must intervene during economic instability to avoid crashes.
• The Swedish Academy noted that Keynesian models failed during the 1970s oil shocks and that the laureates' work helped manage major macroeconomic crises more effectively.

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