Stockholm [Sweden], October 13: The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026 to Robert E. Hall of Stanford University, USA, and Michael Woodford of Columbia University, USA, "for microeconomic foundations of macroeconomic stabilisation''.
This year's laureates in the economic sciences have developed new macroeconomic models that have significantly improved our ability to implement effective stabilisation policy. On the basis of these models, well-timed fiscal and monetary policy measures can reduce the economy's peaks and troughs, the The Royal Swedish Academy said in a press release.
"The laureates' work has provided us with a stable theoretical foundation for the models that are now used by central banks and governments around the world. With them, we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume," says John Hassler, Chair of the Committee for the Prize in Economic Sciences.
Source: Emirates News Agency
