India, Oct. 12 -- US economists Robert E. Hall and Michael Woodford have been awarded the Nobel Prize in Economic Sciences for their work on the microeconomic foundations of macroeconomic stabilisation, the award-giving body announced on Monday.

This was the final Nobel Prize to be announced this year.

Explaining the economists' contributions, the Nobel Prize organisation said, "The economy is characterised by alternating downturns and upturns. Ever since the economist John Maynard Keynes launched his theories almost a century ago, stabilisation policy has been important for tackling these fluctuations."

However, during the oil crises of the 1970s, the Keynesian models used to determine when and how such measures should be implemented ...