India, Oct. 12 -- The Nobel Prize in Economic Sciences for 2026 goes to two American academics - Robert E. Hall and Michael Woodford - "for microeconomic foundations of macroeconomic stabilization."
This year's laureates are macroeconomist and monetary theorist Michael Dean Woodford, and economist Robert Hall.
They have developed new macroeconomic models that have significantly helped improve the ability to implement effective stabilization policy. On the basis of these models, well-timed fiscal and monetary policy measures can reduce the economy's peaks and troughs.
The economy is characterized by alternating downturns and upturns. Ever since the economist John Maynard Keynes launched his theories almost a century ago, stabilization pol...