Honor: US researchers Robert E. Hall and Michael Woodford receive the Nobel Prize in Economics

This year's Nobel Prize in Economic Sciences goes to the US scientists Robert E. Hall and Michael Woodford. This was announced by the Royal Swedish Academy of Sciences in Stockholm.

The scientists receive the prize for developing new macroeconomic models that enable more effective monetary stabilization policies. Based on these models, well-timed fiscal and monetary policy measures could reduce economic fluctuations.

Michael Woodford, an economist at Columbia University, has laid the theoretical foundations for the so-called “forward guidance”, with which central banks provide the financial markets with guidance on the future course. Robert E. Hall has been director of the research program on economic fluctuations and growth at the National Bureau of Economic Research since 1977. The 83-year-old has been working at the Hoover Institution since 1978 and as an economics professor at Stanford University.

Last year, three researchers working in the United States and Europe were recognized for their work on innovation-driven economic growth and “creative destruction.” In 2025, half of the prize went to the Dutch-born Joel Mokyr, who conducts research in the USA, and the other half to Philippe Aghion, who works in France and London, and the Canadian Peter Howitt, who works in the USA.

The Nobel Prize in Economics has only been awarded since 1969. It is donated by the Swedish central bank. At the price it takes into account the growing importance of economic issues.