Two American economists win 2026 Nobel Prize in Economics

Two American economists have won the 2026 Nobel Prize in Economics. The Royal Swedish Academy of Sciences announced the award on Monday, October 12, in Stockholm. Robert E. Hall, from Stanford University, and Michael Woodford, from Columbia University, share the prize. They were chosen for their research into how small-scale economic behaviour shapes the wider economy. Hall did important work in the late 1970s on how people make spending decisions based on expectations. Woodford later built a detailed economic model, published in his 2003 book "Interest and Prices". Together, their ideas have helped governments and central banks respond more effectively to recessions and financial crises. The prize is worth 12 million Swedish crowns, around $1.2 million. Sweden's central bank created the award in 1968.