STOCKHOLM: U.S. economists Robert E. Hall and Michael Woodford were awarded the Nobel prize in economics on Monday for their work on the microeconomic foundations of macroeconomic stabilization.
The pair will share the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, splitting the 12 million Swedish kronor ($1.19 million) award.
“The laureates’ work has provided us with a stable theoretical foundation for the models that are now used by central banks and governments around the world,” John Hassler, chair of the Committee for the Prize in Economic Sciences, said in a statement.
“With them, we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume.”
