Nobel economics prize awarded to Robert Hall and Michael ⁠Woodford

The Royal Swedish Academy of Sciences has awarded the Nobel Prize in Economic Sciences to Robert Hall and Michael Woodford for their contributions to the understanding of macroeconomic dynamics and policy.

Hall, a Stanford University professor, is recognized for his work on the 'real business cycle' theory, which explains economic fluctuations using real factors such as technology and labor supply.

Woodford, a Harvard University professor, is honored for his work on 'dynamic stochastic general equilibrium' models, which are now widely used by central banks and governments around the world to analyze economic policy.