Americans Hall and Woodford win economics Nobel for stabilisation models
Summary
American economists Robert Hall and Michael Woodford have won the Nobel economics prize for research that helped shape models used by central banks and governments to stabilise economies. The award recognises their work on how monetary and fiscal policy can cushion shocks such as recessions and energy crises.
Key Points
- Robert Hall and Michael Woodford won the Nobel economics prize for their work on stabilisation models.
- Their research provided a theoretical foundation for policy models now used by central banks and governments worldwide.
- The Royal Swedish Academy of Sciences said their microeconomic approach improved understanding of how households and businesses affect the economy.
- The economics prize will be presented on December 10, along with a gold medal, diploma and $1.2 million cheque.
