The Nobel Prize in Economic Sciences laureates have been announced.
According to the Operative Information Center-OMM, this year’s prize was awarded to Robert Ernest Hall and Michael Woodford.
They received the award for their work on the microeconomic foundations of macroeconomic stabilization.
Robert Ernest Hall was born on August 13, 1943, in Palo Alto, California, in the United States. He has spent many years studying the overall state of the US economy, job creation, price changes and business activity. Hall, a professor at Stanford University and the Hoover Institution, also chaired the relevant committee at the US National Bureau of Economic Research, which determines when recessions begin and end.
Michael Woodford was born in 1955 in Chicopee, Massachusetts, in the United States. He is regarded as a leading researcher in modern macroeconomics and monetary policy theory. A professor at Columbia University, he studies central bank decisions, public expectations about the future and how changes in prices affect the economy.
The Nobel week concluded today.
The laureates were announced on October 5 for physiology or medicine, October 6 for physics, October 7 for chemistry, October 8 for literature, October 9 for peace, and today for economic sciences.
The Nobel Prize carries a cash award of approximately $1.5 million.
