From Hoover's post today (and see also our colleague John Cochrane's post about Hall's work):
Robert E. Hall, the Robert and Carole McNeil Endowed Professor in Economics and Senior Fellow at the Hoover Institution, Emeritus, and emeritus professor of economics in the School of Humanities and Sciences, is the recipient of the 2026 Nobel Memorial Prize in Economic Sciences.
Hall was recognized with the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his contributions to the "microeconomic foundations of macroeconomic stabilization," alongside economist Michael Woodford, with whom he will share the approximately $1.2 million prize.
"Robert E. Hall and Michael Woodford are awarded this year's prize in economic sciences for demonstrating how economic models could be reconstructed to revitalise stabilisation policy," according to an announcement from the Nobel Committee. "Rather than basing the models on statistical links between macroeconomic variables, such as inflation, production and consumption, they chose to build them on a microeconomic foundation. This encompasses an understanding for how the total mass of individual households and businesses affect the economy through their actions."
"This is a wonderful surprise," Hall said on Monday morning. "I've spent my career trying to understand how the economy works, following interesting questions wherever they led. When I thought I had a new idea, the next step was to find out whether it was actually new, whether it was right, and whether it mattered. I've been fortunate to have extraordinary colleagues and coauthors to help me sort that out, and working with them has been the greatest pleasure of my career."
