Michael Woodford and Robert Hall receive the Nobel Prize in Economics
By the AFREEQUE newsroom, based on Kassataya
American economists Michael Woodford and Robert Hall have received the Nobel Prize in Economics for their macroeconomic models aimed at improving the stabilisation of economic fluctuations. The Nobel committee says their work helps better calibrate fiscal and monetary policies in response to recessions and inflation, reports the HuffPost.
The Nobel Prize in Economics was awarded on Monday 12 October to Michael Woodford and Robert Hall, two American economists, for their models aimed at stabilising economic fluctuations, reports the HuffPost. The Nobel committee praised work that has improved governments’ ability to implement effective stabilisation policies.
The models are intended to help determine when to stimulate or slow the economy to avoid prolonged recessions and runaway inflation, the jury explained. Well-timed fiscal and monetary measures can thus help strengthen economic stability, according to the Nobel committee.
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Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
