It Worked Well – Until It Didn't': Nobel Economists Expose the Limits of Old Economic Thinking

Nobel prize honours Hall and Woodford for economic models guiding how central banks manage inflation, jobs and growth (Credit: Hans Nerstu/Flickr)

American economists Robert E. Hall and Michael Woodford have been awarded the 2026 Nobel prize in economics for research that underpins how central banks and governments around the world try to keep inflation, output and jobs on a steadier course.

The Royal Swedish Academy of Sciences announced the winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in Stockholm on Monday. Hall is based at Stanford University in California and Woodford at Columbia University in New York. The prize carries 12 million Swedish kronor.