Hall, Woodford Share 12 Million-Krona Nobel for Recasting Keynesian Stabilization
Updated
Updated · Bloomberg · Oct 12
Hall, Woodford Share 12 Million-Krona Nobel for Recasting Keynesian Stabilization
3 articles · Updated · Bloomberg · Oct 12
Summary
Robert E. Hall of Stanford and Michael Woodford of Columbia will split the 12 million-krona ($1.2 million) Nobel economics prize, the Royal Swedish Academy of Sciences said Monday in Stockholm.
The academy honored their work on the “microeconomic foundations of macroeconomic stabilization,” research that reshaped how economists think about managing downturns and shocks.
Their ideas recast John Maynard Keynes’s framework after the oil crises of the 1970s, linking macroeconomic stabilization policy more tightly to individual household and firm behavior.
That work has become a key reference for governments and central banks seeking to limit volatility from external shocks, energy crises and shifts in consumption.