In 2026, the prestigious Nobel Prize in Economics was awarded to two outstanding American scholars — Robert Hall and Michael Woodford. These researchers, who were bestowed with such a high honour, have made a significant contribution to economic science by developing new macroeconomic models that help to stabilise the economy in the face of contemporary challenges.
The Royal Swedish Academy of Sciences, which is responsible for awarding this prize, noted that Hall and Woodford’s work has opened up new horizons in understanding how effective fiscal and monetary policies can smooth out economic fluctuations. Thanks to their models, central banks and governments around the world have gained a reliable tool for overcoming complex situations such as energy crises or sudden changes in consumer behaviour.
John Gassler, Chair of the Prize Award Committee, emphasised that the laureates’ work had provided a fundamental theoretical basis which is now an integral part of economic policy in many countries. This research has significantly strengthened the resilience of economies to sudden shocks.
The Nobel Prize in Economics traditionally concludes the series of award ceremonies during Nobel Week, which takes place annually in early October. Since its establishment in 1901, the prizes, including the Prize in Economic Sciences, have been awarded 637 times, honouring 1,033 laureates — both individuals and organisations.
The prize comprises not only a medal and a diploma, but also a cash award. In 2026, this amounted to 12 million Swedish kronor, equivalent to nearly 1.2 million dollars for each category.
The awards ceremony is traditionally held on 10 December, the anniversary of Alfred Nobel’s death, whose name has become synonymous with the highest honour for achievements in science, literature and the pursuit of peace.