Hall and Woodford Win Nobel Prize in Economics in 2025
Robert E. Hall and Michael Woodford share the Nobel Prize in Economics for research that sharpens policymakers' tools for managing economic shocks.
Robert E. Hall and Michael Woodford have been awarded the Nobel Prize in Economics for foundational research that has given policymakers stronger frameworks for responding to disruptions in the broader economy, the Nobel committee announced.
The committee credited the two economists with producing insights that have made central banks and governments "better equipped to deal with shocks in the economy," a description that encompasses everything from financial crises to supply-chain disruptions and pandemic-era inflation surges.
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Hall, a senior fellow at Stanford University's Hoover Institution, is widely recognized for research on labor markets, productivity, and the behavior of consumption over time. Woodford, a professor at Columbia University, is best known for advancing the theory of monetary policy and the role of expectations in shaping economic outcomes — work that has deeply influenced how central banks communicate with markets.
Their combined contributions reflect decades of scholarship that moved from academic journals into the operational thinking of institutions such as the Federal Reserve and the European Central Bank, where forward guidance and inflation-targeting frameworks owe an intellectual debt to their models.
The Nobel Prize in Economics, formally the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is awarded annually by the Royal Swedish Academy of Sciences. Continue reading at NYT > Business.
