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Economics

The Nobel Prize in Economics was awarded for research on macroeconomic stabilization

The Nobel Prize in Economics was awarded for research on macroeconomic stabilization

American economists Robert Hall and Michael Woodford became laureates of the Prize in Economic Sciences in Memory of Alfred Nobel for their research into the microeconomic foundations of macroeconomic stabilization. They analyzed how the decisions of individuals and companies affect the country's economy as a whole and how these mechanisms help prevent crises and smooth economic fluctuations.

The names of the award winners were announced on October 12 by the Royal Swedish Academy of Sciences in Stockholm.

The official name of the award is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It is awarded for contributions to the development of economic science.

The award was established by the Central Bank of Sweden in 1968 in memory of Alfred Nobel. Formally, it is not among the five original Nobel Prizes, but it is presented at the same ceremony as the other awards on December 10 — the anniversary of Nobel's death.

This year, the prize fund is 12 million Swedish kronor (about 1.2 million dollars). This amount is divided among the laureates if the award is granted to several scientists.

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