Nobel Economics Prize 2026: Robert E. Hall and Michael Woodford
Why in the news
On 12 October 2026, the Royal Swedish Academy of Sciences announced in Stockholm that American economists Robert E. Hall and Michael Woodford had won the 2026 Nobel Prize in Economic Sciences. It was the last Nobel announced this year.
Key facts
- Winners: Robert E. Hall of Stanford University and Michael Woodford of Columbia University.
- Citation: for their research on the microeconomic foundations of macroeconomic stabilisation.
- Their work: models built on the choices of forward-looking households and firms, which help governments and central banks design better responses to downturns and shocks.
- Background: the oil crises of the 1970s exposed weaknesses in older Keynesian models, prompting a search for better tools.
- Prize money: 12 million Swedish kronor (about $1.2 million), with a diploma and a gold medal.
About the prize
The official name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Sweden’s central bank created it, and it was first awarded in 1969, so it is not one of the five original prizes in Alfred Nobel’s will. John Hassler chairs the prize committee. The 2025 prize went to Joel Mokyr, Philippe Aghion and Peter Howitt for work on creative destruction and growth. Only three women have won it; the most recent was Claudia Goldin in 2023.
Exam angle
- The economics prize is chosen by the Royal Swedish Academy of Sciences.
- It was instituted by Sveriges Riksbank and first given in 1969.
- The 2026 theme is monetary and fiscal policy for stabilising the economy.