Robert E. Hall and Michael Woodford have been named the winners of this year’s economics prize, commonly known as the Nobel Prize in Economics. According to DW and RMF24, the Royal Swedish Academy of Sciences announced its decision on 12 October 2026, recognising the two American economists for the microeconomic foundations of macroeconomic stabilisation.
Behind that technical description lies research aimed at improving our understanding of fluctuations across the economy. DW reports that the winners’ work enabled the development of models that help governments and central banks respond more effectively to both economic upturns and recessions. Their research therefore underpins tools used to make economic policy decisions.
Both winners are based at American universities. RMF24 reports that Michael Woodford teaches at Columbia University and Robert E. Hall at Stanford University. This year’s prize is worth 12 million Swedish kronor, according to both news outlets.
The economics Nobel — a prize with a separate history
The award’s official name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Sweden’s central bank established it in 1968. It was not one of the five prizes provided for in Nobel’s will, although it is widely known as the economics Nobel.
Monday’s decision by the Academy marks the announcement of the winners and the award of the prize, rather than its ceremonial presentation.
