{
  "id": 13986168,
  "title": "The economics Nobel went to the scholar whose work shaped Fed ‘forward guidance,’ a practice Kevin Warsh says has gone too far",
  "url": "https://urgent.news/2026/10/12/the-economics-nobel-went-to-the-scholar-whose-work-shaped-fed-forward",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T14:37:47.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/12/nobel-economics-2026-robert-hall-michael-woodford/"
  },
  "original_language": "en",
  "account": "American economists Robert E. Hall and Michael Woodford were named the recipients of the 2023 Nobel Memorial Prize in Economics on Monday. The Royal Swedish Academy of Sciences cited their work on models that have helped governments and central banks navigate economic shocks, such as energy crises and inflation. Their research laid the theoretical groundwork for understanding consumer decisions about saving or spending, enabling policymakers to stabilize economies more effectively after fluctuations. The Nobel committee emphasized that their work has been crucial during the pandemic and recent energy crises. Hall, affiliated with Stanford University in California, and Woodford, from Columbia University in New York, overturned earlier economic assumptions. For decades, governments followed Keynesian principles, but stagflation in the 1970s proved ineffective. Hall focused on consumer expectations, finding that predicting future spending is nearly impossible and that some households cannot respond to economic changes due to financial constraints. Woodford's research showed that businesses adjust prices based on anticipated interest rates, and central banks should communicate their plans clearly to guide economic decisions.",
  "summary": "Stanford’s Robert Hall and Columbia’s Michael Woodford reshaped how central banks respond to crises by studying consumer and business decisions.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 9,
    "also_reported_by": [
      {
        "outlet": "Japan Times",
        "title": "Robert Hall and Michael Woodford win 2026 Nobel economics prize",
        "url": "https://urgent.news/2026/10/12/robert-hall-and-michael-woodford-win-2026-nobel-economics-prize",
        "published": "2026-10-12T09:52:00.000Z"
      },
      {
        "outlet": "The New York Times",
        "title": "Robert E. Hall and Michael Woodford Awarded Nobel for Economics",
        "url": "https://urgent.news/2026/10/12/robert-e-hall-and-michael-woodford-awarded-nobel-for-economics",
        "published": "2026-10-12T10:05:02.000Z"
      },
      {
        "outlet": "Seeking Alpha News",
        "title": "U.S. economists Hall, Woodford win Nobel Economics Prize 2026",
        "url": "https://urgent.news/2026/10/12/u-s-economists-hall-woodford-win-nobel-economics-prize-2026",
        "published": "2026-10-12T10:16:11.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "Americans Hall and Woodford win economics Nobel for stabilisation models",
        "url": "https://urgent.news/2026/10/12/americans-hall-and-woodford-win-economics-nobel-for-stabilisation-13941387",
        "published": "2026-10-12T10:22:28.000Z"
      },
      {
        "outlet": "The Local Sweden",
        "title": "Americans win Sweden's economics Nobel for stabilisation models",
        "url": "https://urgent.news/2026/10/12/americans-win-swedens-economics-nobel-for-stabilisation-models",
        "published": "2026-10-12T10:52:00.000Z"
      },
      {
        "outlet": "The Indian Express",
        "title": "Today News Headlines for School Assembly, October 13, 2026: Nobel Prize winners in Economics announced; Jantar Mantar denotified as designated protest site",
        "url": "https://urgent.news/2026/10/12/today-news-headlines-for-school-assembly-october-13-2026-nobel-prize",
        "published": "2026-10-12T11:02:43.000Z"
      },
      {
        "outlet": "Dawn Business",
        "title": "Americans Hall and Woodford win economics Nobel for stabilisation models",
        "url": "https://urgent.news/2026/10/12/americans-hall-and-woodford-win-economics-nobel-for-stabilisation",
        "published": "2026-10-12T11:03:31.000Z"
      },
      {
        "outlet": "Toronto Sun",
        "title": "Americans Hall and Woodford win economics Nobel for stabilization models",
        "url": "https://urgent.news/2026/10/12/americans-hall-and-woodford-win-economics-nobel-for-stabilization",
        "published": "2026-10-12T13:25:46.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}