The 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to economists Robert E. Hall and Michael Woodford for their research on how to stabilize an economy to avoid socially and economically damaging fluctuations in inflation, growth and employment. 'This is an excellent prize, honouring two superb and highly influential economists,' says economist John Cochrane of the Hoover Institution, a thinktank based at Stanford University. Olivier Blanchard, formerly chief economist at the International Monetary Fund, says the laureates have 'dramatically changed the conduct of monetary policy'. According to Cochrane, there were 'a dozen plausible contenders at least' to share a prize in this field. 'I would hate to be the Nobel Prize committee deciding which two or three to recognize', he says, but 'Hall and Woodford were top contenders on anyone's list'. Speaking by phone during the prize announcement, Woodford said he was 'elated' by the award. He...
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