Stockholm: (RightNow) American economists Robert Hall and Michael Woodford have been awarded the 2026 Nobel Prize in Economics. They received the prize for their research aiding central banks and governments in managing economic crises.

The announcement was made in Stockholm. The prize committee stated that their research has provided models to central banks worldwide to control economic fluctuations.

Prize committee chairman John Hassler said their work has helped policymakers address economic issues such as energy crises.

Both experts emphasized that understanding the economy requires not only observing major trends but also considering individual decisions that impact the entire economy.

It is noteworthy that 83-year-old Hall is affiliated with Stanford University, and 70-year-old Woodford is associated with Columbia University. This prize was initiated by Sweden’s central bank in 1969.