American Hall, Woodford win Nobel memorial prize in economics

Stockholm, Monday — American economists Robert E. Hall and Michael Woodford were awarded the Nobel Memorial Prize in Economics on Monday for their groundbreaking work on models that assist governments and central banks in managing economic shocks. The Royal Swedish Academy of Sciences announced the winners, stating that their research has enabled policymakers to navigate economic fluctuations more effectively. The academy noted, "The laureates have helped us smooth out the economy's peaks and troughs."

Hall, based at Stanford University in California, and Woodford, affiliated with Columbia University in New York, were each honored for their significant contributions. Woodford, who accepted the award via phone from New York, expressed his gratitude, calling it a "tremendous honor" and a "surprise." John Hassler, chair of the Prize in Economic Sciences committee, highlighted the impact of their work, stating that it has provided a "stable theoretical foundation for the models that are now used by central banks and governments around the world."

Hassler added that with their contributions, policymakers are now better equipped to handle economic shocks.