Robert Hall and Michael Woodford win Nobel Prize in economics
Both winners are American economists.
AI illustrationRobert Hall and Michael Woodford, two American economists, have won the Nobel Prize in economics.
The award reportedly recognises their modelling work, which helps central banks and governments handle economic shocks.
According to reports, the pair rebuilt the analytical framework of macroeconomics. Their research is reported to have examined how consumption decisions are made and the way prices are set in practice. That work reportedly sharpened the understanding of how the economy works and gave public policymakers new tools.