The Economics Nobel is being awarded to Robert E. Hall of Stanford University and Michael Woodford of Columbia University for “microeconomic foundations of macroeconomic stabilisation”, the Royal Swedish Academy of Sciences said on Monday.
“This year’s laureates in economic sciences, Robert E. Hall and Michael Woodford, have developed new macroeconomic models that have significantly improved our ability to implement effective stabilisation policy. On the basis of these models, well-timed fiscal and monetary policy measures can reduce the economy’s peaks and troughs,” the Academy said.
