American economists Robert Hall and Michael Woodford win 2026 Nobel prize

United States economists Robert E. Hall and Michael Woodford were awarded the 2026 Nobel prize in economics on Monday, October 12, according to reports from France 24, DW, CNBC, Reuters, and The Japan Times. The Royal Swedish Academy of Sciences in Stockholm announced the award for their research into the microeconomic foundations of macroeconomic stabilization. [1][2][4][9][10]

The research conducted by the two economists underpins models that central banks and governments use to respond to booms and recessions, DW and CNBC reported. France 24 reported that the award carries a cash prize of 12 million Swedish crowns, which is worth $1.2 million, while CNBC reported the value at 1.19 million dollars. [1][2][4][5]

Formally named the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award is the final prize awarded this year, France 24 and CNBC reported. CNBC noted that the award was established by the central bank of Sweden in 1968, while France 24 added that the prize was first awarded in 1969. [1][4]

The original five Nobel Prizes, covering physics, chemistry, physiology or medicine, literature, and peace, were established in the 1895 will of Alfred Nobel and were first awarded in 1901. The economic sciences prize was later added in 1968. [1][12]