2026 Nobel Economics Prize to Hall and Woodford for Microeconomic Foundations of Macroeconomic Stability

The Royal Swedish Academy of Sciences announced the award of the 2026 Nobel Prize in Economics to American economists Robert E. Hall and Michael Woodford in recognition of their pioneering research on "the microeconomic foundations of macroeconomic stability".

The economists' research centers on understanding how the broader economic picture is shaped by the daily decisions made by individuals and firms. They seek to bridge the traditional analytical gap between microeconomics and macroeconomics, explaining how individual behaviors are reflected in comprehensive stability indicators such as inflation, growth, and employment.

The monetary value of the prize is 12 million Swedish kronor, equivalent to approximately 1.2 million US dollars. The award carries the official name "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel".

This prize is the last of the Nobel prizes to be announced this year, following the announcements of prizes in Medicine, Physics, Chemistry, Literature, and Peace during the previous week.