Two US economists, Robert E. Hall and Michael Woodford have jointly won the 2026 Nobel Prize in Economics in recognition of their significant contributions to research on the microeconomic foundations of macroeconomic stability.

The Royal Swedish Academy of Sciences announced their names as the laureates of the 2026 economics prize in Stockholm today.

Officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, the award was established by Sweden’s central bank and is widely referred to as the Nobel Prize in Economics.

According to the Nobel Committee, Hall and Woodford’s research has played an important role in understanding the relationship between microeconomic behaviour and economic policy in achieving macroeconomic stability. 

Their work has contributed to the development of advanced macroeconomic models that help central banks and governments formulate effective policies to address economic fluctuations and maintain stability.

The 2026 prize carries a monetary award of 12 million Swedish kronor, equivalent to approximately US$1.2 million. In Bangladeshi currency, the amount is worth around Tk 14.9 crore, although the figure may fluctuate with changes in exchange rates. 

As joint laureates, the two economists will share the prize money equally.

According to tradition, the laureates will formally receive their medals, diplomas and prize money at a ceremony in Stockholm, Sweden, on December 10, the anniversary of Alfred Nobel’s death.

The economics prize was first awarded in 1969. That year, Dutch economist Jan Tinbergen and Norwegian economist Ragnar Frisch jointly received the inaugural award. 

Economics was not included in Alfred Nobel’s original will. The prize was established by Sweden’s central bank Sveriges Riksbank in 1968 and was first awarded the following year.

In 2025, three economists received the Nobel Prize in Economics: Israeli-American economic historian Joel Mokyr, French economist Philippe Aghion and Canadian economist Peter Howitt. They were honoured for explaining innovation-driven economic growth and for their contributions to understanding the conditions necessary for long-term growth through technological progress and the theory of ‘creative destruction’.

By the end of 2025, the economics prize had been awarded 57 times to a total of 99 individuals. With the addition of the two laureates in 2026, the prize has now been awarded 58 times, with the total number of laureates reaching 101.

The record for the oldest recipient of the economics prize belongs to American economist Leonid Hurwicz, who received the award at the age of 90 in 2007. Meanwhile, French-American economist Esther Duflo became the youngest recipient in the prize’s history when she won it at the age of 46 in 2019.

Only three women have received the Nobel Prize in Economics to date. American economist Elinor Ostrom became the first woman to win the award in 2009. She was followed by Esther Duflo in 2019 and American economic historian Claudia Goldin in 2023. Goldin was recognised for her research on women’s participation in the labour market and gender-based earnings disparities.