Dedicate your life to understanding how the economy works... Winning the Nobel Prize is a wonderful surprise
Stanford University: “The best scholar of our time… Changing the way we respond to economic volatility through Hall’s insights”
(San Francisco = Yonhap News) Correspondent Kwon Young-jeon = Stanford University Professor Emeritus Robert Hall, who was announced as the winner of the Nobel Prize in Economics, said on the 12th (local time), "It was a very wonderful surprise."
Professor Hall said, "I have devoted my entire research career to understanding how the economy works," Stanford University reported.
“I followed interesting questions wherever they led me,” he said of his career. “When I came up with a new idea, I tried to figure out if it was actually new, right, or important.”
He praised his colleagues, saying, "I was fortunate to have outstanding colleagues and co-authors who helped me sort it all out. Working with them was the greatest joy of my career."
He went on to point out that the schools and research institutes he worked for were run with the support of taxpayers and the federal government, and said, "I hope they will see (receiving the Nobel Prize) as a satisfactory result of their investment."
He also expressed gratitude to his wife and co-author of the paper, economist Susan Woodward, and said, "I would also like to congratulate Michael Woodford (co-winner of the Nobel Prize in Economics), who taught me a lot."
When news of Professor Hall's award was announced, school officials also poured out congratulations and praise.
Stanford University President Jonathan Levin referred to Professor Hall by his nickname in a statement that day, saying, "Bob Hall's creative and influential research shows the connection between how households and businesses behave and the outcomes of the economy as a whole. His insights have changed the way governments and central banks respond to economic volatility. I am honored that he will receive this year's Nobel Prize."
Condoleezza Rice, director of the Hoover Institution, a public policy think tank at Stanford University, said, "Bob Hall is one of the most outstanding economists of his generation," and added, "This honor is a fitting recognition of his remarkable research history, and the Hoover Institution is proud to call him a colleague."
“His research has shaped our understanding of economic growth, employment, and the drivers of the U.S. economy,” Rice said. “He has played a significant role in the way policy leaders think about the free market economy.”
Debra Saltz, dean of Stanford University's College of Arts and Sciences, also celebrated Professor Hall's achievements and congratulated him, saying, "It is amazing to see the Nobel Committee recognize his lifetime achievements in the field of applied economics."
The Royal Swedish Academy of Sciences announced Professor Hall as a joint recipient of the Nobel Prize in Economics along with Professor Michael Woodford of Columbia University for his contributions to economic stabilization research.
Professor Hall, an applied economist, received a bachelor's degree from the University of California, Berkeley (UC Berkeley) and a doctoral degree from the Massachusetts Institute of Technology (MIT). After working as a professor at MIT and UC Berkeley, he is currently a professor emeritus of economics at Stanford University, an honorary senior researcher at the Hoover Institution, and a professor emeritus of economics in the College of Arts and Sciences.
His spouse, Susan Woodward, chairman of the board of Sandhill Econometrics, is also a financial economist who served as chief economist at the Department of Housing and Urban Development (HUD) and the Securities and Exchange Commission (SEC).
