{"id":2701,"date":"2026-10-13T00:44:54","date_gmt":"2026-10-12T15:44:54","guid":{"rendered":"https:\/\/onepress.co.kr\/index.php\/briefing\/2026-10-13-nobel-stabilisation-en\/"},"modified":"2026-10-13T17:35:58","modified_gmt":"2026-10-13T08:35:58","slug":"2026-10-13-nobel-stabilisation-en","status":"publish","type":"briefing","link":"https:\/\/onepress.co.kr\/index.php\/briefing\/2026-10-13-nobel-stabilisation-en\/","title":{"rendered":"Hall and Woodford win the 2026 economics prize for grounding policy in everyday choices"},"content":{"rendered":"

2026-10-13 00:44 KST<\/strong><\/p>\n

Robert E. Hall and Michael Woodford will receive the 2026 Nobel economics prize for research explaining economic stabilisation through households\u2019 and firms\u2019 decisions.<\/p>\n

The announcement on 12 October does not establish a correct interest rate or promise that recessions will disappear.<\/p>\n

Start with households and businesses<\/h2>\n

The Royal Swedish Academy of Sciences selected Hall of Stanford and Woodford of Columbia. Its citation concerns the microeconomic foundations of macroeconomic stabilisation. In everyday terms, aggregate spending and inflation are explained by starting with saving, consumption and pricing choices. The award recognises a body of research, rather than a single new policy unveiled today.<\/p>\n

Announcing policy can affect decisions<\/h2>\n

Households consider future income and interest rates as well as current resources. Businesses consider future costs and demand when setting prices. The Academy identifies these forward-looking choices as central to the models. Government and central-bank communication can consequently influence expectations and behaviour. This mechanism does not guarantee that every announcement produces the intended outcome.<\/p>\n

\"Hall
This AI-generated illustration explains the topic; it is not a photograph or an exact reconstruction of real people, sites, experiments, specimens or official documents.<\/figcaption><\/figure>\n

Why historical correlations were insufficient<\/h2>\n

The Academy points to the 1970s oil crises, when high unemployment and inflation occurred together. Statistical relationships among prices, output and consumption can miss how people change their responses when shocks or policies change. Modelling individual decisions provides a framework for examining those responses. It does not reduce every economic crisis to one cause or one remedy.<\/p>\n

Check the award separately from policy performance<\/h2>\n

The prize is 12 million Swedish kronor, shared equally. The Academy announcement, the university confirmation and independent agency coverage agree on the recipients and research area. Assessing an actual policy requires contemporaneous inflation and employment data and the model\u2019s assumptions. The Academy\u2019s popular and scientific background documents offer the next reading step. The award alone cannot predict rates or investment returns.<\/p>\n

Primary source and independent checks<\/h2>\n

Primary source: date, results and method: Nobel Prize<\/a><\/p>\n

Primary source: date, results and method: Columbia University<\/a><\/p>\n

Independent check: announcement, measurements and scope: Anadolu Agency<\/a><\/p>\n

Read in other languages<\/h2>\n

\ud55c\uad6d\uc5b4<\/a> \u00b7 English<\/a> \u00b7 Espa\u00f1ol<\/a> \u00b7 \u65e5\u672c\u8a9e<\/a> \u00b7 Ti\u1ebfng Vi\u1ec7t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The announcement on 12 October does not establish a correct interest rate or promise that recessions will disappear.<\/p>\n","protected":false},"featured_media":0,"template":"","meta":[],"class_list":["post-2701","briefing","type-briefing","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/onepress.co.kr\/index.php\/wp-json\/wp\/v2\/briefing\/2701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/onepress.co.kr\/index.php\/wp-json\/wp\/v2\/briefing"}],"about":[{"href":"https:\/\/onepress.co.kr\/index.php\/wp-json\/wp\/v2\/types\/briefing"}],"wp:attachment":[{"href":"https:\/\/onepress.co.kr\/index.php\/wp-json\/wp\/v2\/media?parent=2701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}