American economists Robert E. Hall and Michael Woodford have been named recipients of the 2026 Nobel Prize in Economics for their contributions to macroeconomic modelling and the understanding of economic fluctuations. Their research has helped strengthen the framework used by governments and central banks to design fiscal and monetary policies during periods of economic expansion and recession.

According to the Royal Swedish Academy of Sciences, their work examines how households and businesses make decisions about consumption, savings, investments and prices while considering expectations about future economic conditions. These models help explain how government decisions and central bank announcements can influence economic activity and shape the wider economy.

Their research has contributed to the development of economic tools used by policymakers to assess changing conditions and respond to financial and economic challenges. Such approaches are widely applied in policy analysis by central banks and governments internationally.

Robert E. Hall is a professor at Stanford University, while Michael Woodford teaches at Columbia University. The award carries prize money of 12 million Swedish kronor, which will be divided equally between the two recipients.