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The 2026 Sveriges Riksbank Prize in Economic Sciences is awarded jointly to Robert E. Hall and Michael Woodford for developing the microeconomic foundations of macroeconomic stabilisation. Their work shows that effective macroeconomic policy must account for the forward-looking decisions of households and firms rather than relying only on broad statistical relationships. Woodford’s New Keynesian framework and Hall’s research on consumption, labour and economic fluctuations help shape models now used by central banks and governments. Their contributions also establish the importance of expectations, interest-rate policy and forward guidance in managing inflation, recessions and economic shocks.
Sunday, 11 October, 2026