Robert E. Hall and Michael Woodford have been awarded the Alfred Nobel Memorial Prize in Economic Sciences this year. The Royal Swedish Academy of Sciences announced this in Stockholm on Monday. The American economists were chosen for their research on the “microeconomic foundations of macroeconomic stabilization.”
This award is regarded as the most prestigious prize in the field of economics. Coloquially, the award is known as the Economic Nobel Prize because it is conferred annually alongside the Nobel Prizes and carries the same prize sum. Currently, the amount is twelve million Swedish kronor, which converts to slightly more than one million euros.
Unlike the other Nobel Prizes, this award was not established by Alfred Nobel but was later instituted in 1968 by the Swedish National Bank to commemorate its 300th anniversary. The prize was first presented in 1969.
