Robert E. Hall and Michael Woodford win Nobel memorial prize in economics
Summary
Robert E. Hall and Michael Woodford have won the Nobel memorial prize in economics for work on microeconomic foundations of macroeconomic stabilization. Their research has helped central banks and governments around the world better manage economic shocks.
Key Points
- Robert E. Hall and Michael Woodford won the Nobel memorial prize in economics for their work on microeconomic foundations of macroeconomic stabilization.
- The Royal Swedish Academy of Sciences said their models help governments and central banks smooth economic peaks and troughs.
- Woodford said by phone that the award was a tremendous honor and a surprise.
- The economics prize, formally the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, carries 12 million Swedish kronor in prize money.
