Nobel Prize in Economics 2026: the operating manual of modern economies
Kiel Institute President Prof. Dr. Moritz Schularick comments on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026 (Nobel Prize), awarded to Robert Hall and Michael Woodford:
"This is a prize for the operating manual of modern economies. Michael Woodford’s research gave central banks a framework in which what they say about tomorrow matters as much as what they do today – which is why every ECB press conference is now read word for word. Robert Hall took the business cycle and household behavior seriously. Woodford's and Hall's work is the microeconomic backbone of stabilisation policy.
Their work inspired many economists, me included, to continue and expand these ideas. Fully integrating credit markets and fiscal policy into this framework remains a central task— specially in light of the recent wave of inflation , labor market challenges and the new debates over central bank independence. A thoroughly deserved award."
