Two American Economists Win Nobel Prize in Economics for Stabilization Work
American economists Robert E. Hall of Stanford University and Michael Woodford of Columbia University won the Nobel Prize in Economics on Monday for work on macroeconomic stabilization and boom-bust cycles.
CNBC reported that the award was given for work on the 'microeconomic foundations of macroeconomic stabilisation.' NPR described the research as focused on how to smooth boom-and-bust cycles to limit unemployment and inflation. The two reports emphasized different aspects of the same prize, with CNBC citing the formal wording of the award and NPR focusing on its policy implications.
John Hassler, chair of the Committee for the Prize in Economic Sciences, said in a news release that the work of Hall and Woodford has enabled central banks and governments to be 'better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume,' NPR reported.
Hall is at Stanford University. Woodford is at Columbia University. Both were identified in the reports as American economists. CNBC said the prize was awarded to the two U.S. economists and published its article as breaking news.
NPR reported that the award recognizes work on how to smooth boom-and-bust cycles to limit unemployment and inflation. CNBC reported that the prize citation referred to the 'microeconomic foundations of macroeconomic stabilisation.' The reports did not include further details about the laureates' specific papers or the full citation.
Editor's Summary
Robert E. Hall of Stanford University and Michael Woodford of Columbia University won the Nobel Prize in Economics on Monday. NPR reported the award recognizes work on smoothing boom-and-bust cycles to limit unemployment and inflation, while CNBC said the citation focused on the microeconomic foundations of macroeconomic stabilisation. A prize committee chair said the research has helped central banks and governments respond to economic shocks.