Two American macroeconomists share this year's economics Nobel for work on the microeconomic foundations of stabilisation policy.

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• The Royal Swedish Academy of Sciences announced Robert E. Hall and Michael Woodford as the 2026 economics laureates on October 12.
• Both are American macroeconomists, and each receives half of the prize.
• The award recognises their work on the microeconomic foundations of macroeconomic stabilisation.
• Their models help explain how household and firm decisions shape inflation, recessions and responses to economic shocks.
• The prize is worth 12 million Swedish crowns, about 1.2 million dollars.
• Its formal name is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
• It is not one of the five prizes in Alfred Nobel's 1895 will and was established by Sweden's central bank.
• The economics prize was first awarded in 1969 and is the last Nobel announced each year.
• The 2025 laureates, Joel Mokyr, Philippe Aghion and Peter Howitt, were honoured for work on creative destruction and technology-driven growth.
• Only three women have won the economics prize, most recently Claudia Goldin in 2023.

Tags: NobelPrize, EconomicSciences, MacroeconomicStabilisation