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【2026 Nobel Prize in Economic Sciences announced】October 12, the Royal Swedish Academy of Sciences 12 announced that Robert E. Hall and Michael Woodford had been awarded the Nobel Prize in Economic Sciences. They were recognized for developing new macroeconomic models that significantly improved the ability to implement effective stabilization policies. Based on these models, timely fiscal and monetary policy measures can reduce economic peaks and troughs. Robert E. Hall and Michael Woodford received this year's Prize in Economic Sciences for demonstrating how economic models could be reconstructed to revitalize stabilization policy. Rather than building models on statistical relationships among macroeconomic variables such as inflation, production, and consumption, they chose to base them on microeconomic foundations. This included understanding how the aggregate actions of households and firms affect the economy. Robert E. Hall, 1943 was born in Palo Alto, California, United States, in 1967 received his PhD from the Massachusetts Institute of Technology in Cambridge, United States, in. He is a professor at Stanford University in California, United States. Michael Woodford, 1955 was born in Chicopee, Massachusetts, United States, in 1983 received his PhD from the Massachusetts Institute of Technology in Cambridge, United States, in. He is a professor at Columbia University in New York, United States.