Stanford economist Robert Hall, among 2 Americans, awarded Nobel Prize for overturning assumptions about how to deal with economic shocks

American economists Robert E. Hall and Michael Woodford were awarded the Nobel memorial prize in economics on Monday in Stockholm. The Royal Swedish Academy of Sciences selected the pair for their development of economic models designed to assist governments and central banks in managing economic fluctuations. The announcement was made by the Academy in Stockholm, recognizing the researchers' contributions to understanding and addressing economic shocks. Their work provides frameworks that have been utilized by policymakers to navigate complex financial challenges, including periods of high inflation and energy crises.