Guwahati, Oct. 12 -- Robert E. Hall of Stanford University and Michael Woodford of Columbia University have been awarded the 2026 Nobel Prize in Economic Sciences for their work on the "microeconomic foundations of macroeconomic stabilisation", the Royal Swedish Academy of Sciences announced on Monday, October 12.

The Academy said the economists had developed macroeconomic models that improved the ability of policymakers to implement effective stabilisation measures. Their research provides a basis for using timely fiscal and monetary policy interventions to reduce economic fluctuations.

The award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, carries a prize amount of 12 million Swedish k...