Nobel Prize in Economics 2026 awarded to Robert E. Hall and Michael Woodford 'for microeconomic foundations of macroeconomic stabilisation'

The 2026 Nobel Memorial Prize in Economic Sciences has been awarded to American-born economists Robert E. Hall and Michael Woodford for developing macroeconomic models that have improved the ability of policymakers to stabilise the economy, on Monday.

Their research shows how well-timed fiscal and monetary policy measures can help reduce economic fluctuations, including periods of rapid growth and downturns.

Also Read: Economics Nobel 2026 winners: Who are Robert E Hall and Michael Woodford, and why their research is significant | An explainer


Hall is affiliated with Stanford University in California, while Woodford is associated with Columbia University in New York.

“The laureates have helped us smooth out the economy’s peaks and troughs,” the academy said in a statement.

Woodford spoke to the committee by phone Monday from New York, saying: “It’s a tremendous honor, it’s a surprise."

“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,” John Hassler, chair of the Committee for the Prize in Economic Sciences, said in a statement.

“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," she added.

Also Read: Nobel Prize 2026 winners list: Check all laureates, categories and what they won

Also known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established in 1968 by Sweden’s central bank in memory of Alfred Nobel, the Swedish businessman and chemist who established the five original Nobel Prizes.

The economics prize is not one of the five original Nobel Prizes created under Nobel’s will. However, it is presented alongside the other Nobel awards each year on December 10, the anniversary of Nobel’s death in 1896.

Since its first award in 1969, it has been awarded 57 times, with 99 individuals recognised as laureates as of the figures provided. The prize may be shared by up to three individuals in a given year.

French-American economist Esther Duflo became the youngest woman to win the economics prize when she received it in 2019 at the age of 46. She shared the award with Abhijit Banerjee and Michael Kremer for their experimental approach to alleviating global poverty.

Duflo and Banerjee, both associated with the Massachusetts Institute of Technology, used field experiments to study ways to reduce poverty and improve outcomes in areas such as education and healthcare.

Leonid Hurwicz became the oldest recipient of the economics prize when he won it in 2007 at the age of 90. He shared the award with Eric Maskin and Roger Myerson for laying the foundations of mechanism design theory.

Their work helped explain how institutions and rules can be designed to achieve desired economic outcomes, even when individuals have different interests and information.

Two economists of Indian origin have received the Nobel Prize in Economic Sciences.

Amartya Sen, in 1998, received the prize for his contributions to welfare economics. His work examined economic inequality, poverty, social choice and the relationship between economic development and human well-being.

Abhijit Banerjee, in the year 2019, shared the prize with Duflo and Kremer.