US economists win Nobel for research helping policymakers navigate crises

American economists Robert E. Hall of Stanford University and Michael Woodford of Columbia University have been awarded the Nobel Memorial Prize in Economic Sciences. The committee recognized their research regarding economic stabilization, which provides a framework for understanding how economic fluctuations occur and how central banks can effectively manage them.

The research focuses on the mechanics of price stickiness and the broader implications for recessions. By analyzing why prices do not adjust immediately to market changes, the laureates have offered policymakers improved strategies for navigating financial crises and stabilizing the economy.