Americans Hall and Woodford win Nobel economics prize

Key points

• US academics Robert Hall and Michael Woodford have won the 2026 Nobel economics prize. The Royal Swedish Academy of Sciences said the pair won for microeconomic foundations of macroeconomic stabilisation.
• Their models help governments and central banks respond to shocks such as energy crises and sudden shifts in household spending. The prize is worth 12 million Swedish crowns, about $A1.7 million, and is the last prize announced this year.
• The economics prize was first awarded in 1969 and was established by Sweden's central bank rather than by Alfred Nobel's will.