Nobel Prize in Economic Sciences 2026

Why in News?

American economists Robert E. Hall and Michael Woodford were awarded the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel on 12 October 2026. They received the award for their work on the microeconomic foundations of macroeconomic stabilisation. Their research has helped develop models used by central banks and governments to design monetary and fiscal policies that reduce economic fluctuations

About the Nobel Prize in Economic Sciences 2026

The laureates developed macroeconomic models that explain how the decisions and expectations of households and businesses influence the wider economy. Their work provides a theoretical foundation for understanding business cycles and assessing the effects of stabilisation policies.

These models help policymakers understand how monetary and fiscal measures can moderate fluctuations in output, inflation and employment. They are used by central banks and finance ministries to analyse economic conditions and formulate policy responses.

About the Nobel Prize in Economic Sciences

The award is formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

• Established: 1968 by Sweden’s central bank, Sveriges Riksbank.
• First awarded: 1969.
• Prize amount in 2026: 12 million Swedish kronor.
• Distinction: It is not one of the five original Nobel Prizes established under Alfred Nobel’s 1895 will.

The 2026 award was the final Nobel Prize announced for the year.

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