Robert E. Hall and Michael Woodford were named recipients of the 2026 Nobel Memorial Prize in Economic Sciences on 12 October. Columbia University announced the honour for Woodford and described the research recognised by the award.
Their work connects decisions by households and businesses with the behaviour of the wider economy. Expectations about future conditions help explain how people respond to policy, making them important to the study of economic stabilisation.
The announcement recognises a body of academic research rather than a new policy adopted that day. It also brings attention to the models economists use when analysing fluctuations, incentives and the effects of monetary decisions.