New Delhi, Oct. 12 -- Two US-based academics who reframed the thinking of John Maynard Keynes after the oil crises of the 1970s won the Nobel Prize in Economics.

Robert E. Hall of Stanford University and Michael Woodford of Columbia University will share the 12 million-krona ($1.2 million) award for their work on the "microeconomic foundations of macroeconomic stabilization," the Royal Swedish Academy of Sciences in Stockholm said in a statement on Monday.

"It's a tremendous honor," Woodford told the press conference by phone. "It's a surprise, but I'm feeling very good about it."

Hall was praised for a 1978 article on how consumers prefer consumption to stay stable, while Woodford then developed the so-called New Keynesian model that ...