Two American economists, Robert E. Hall and Michael Woodford, have been jointly awarded the 2026 Nobel Prize in Economics in recognition of their pioneering research on the microeconomic foundations of macroeconomic stability.

The Royal Swedish Academy of Sciences announced the names of the two laureates in Stockholm on Monday.

Officially titled the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the prestigious honor was instituted by Sweden’s central bank and is universally known as the Nobel Prize in Economics.

According to the Nobel Committee, the groundbreaking work of Hall and Woodford has significantly advanced the understanding of how microeconomic behavior interacts with economic policies to achieve broader macroeconomic stability.

Their research has paved the way for modern macroeconomic frameworks that enable central banks and policymakers to design effective strategies to temper financial volatility and maintain steady growth.

The 2026 award carries a cash prize of 12 million Swedish kronor, which translates to approximately USD 1.2 million.

As co-recipients, the two scholars will divide the monetary reward equally.

In line with Nobel tradition, the awardees will formally receive their diplomas, gold medals and prize money at an official ceremony scheduled for December 10 in Stockholm, marking the anniversary of Alfred Nobel’s passing.

The economics accolade was first presented in 1969, when Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch were named inaugural co-laureates.

Unlike the traditional science and peace categories, economics was not specified in Alfred Nobel’s original bequest; rather, it was established in 1968 by Sweden’s central bank, Sveriges Riksbank, before its maiden conferment the following year.

In 2025, the prize was conferred upon three scholars: Israeli-American economic historian Joel Mokyr, French economist Philippe Aghion, and Canadian economist Peter Howitt.

They were honored for elucidating innovation-driven economic expansion and defining the essential prerequisites for long-term growth through technological advances and the dynamic of 'creative destruction'.

Through 2025, the economics prize had been awarded 57 times to a cumulative total of 99 individuals.

With the addition of the 2026 laureates, the distinction has now been conferred 58 times, expanding the overall roster of recipients to 101.

American economist Leonid Hurwicz holds the distinction of being the oldest recipient of the economics award, receiving it in 2007 at the age of 90.

Conversely, French-American economist Esther Duflo made history as the youngest laureate when she was awarded the prize in 2019 at age 46.

To date, only three women have been honored with the Nobel Prize in Economics.

American economist Elinor Ostrom became the first female laureate in 2009, followed by Esther Duflo in 2019 and American economic historian Claudia Goldin in 2023, who was recognized for her landmark research into female labor market participation and gender income disparities.