Two US economists win this year's Nobel memorial prize in economics
Their work gives central banks and governments a stable base for the economic models they use.
Robert E Hall and Michael Woodford won the prize for their work on why economies stay steady. Hall, 83, is a professor at Stanford University in California.
Woodford, 71, is a professor at Columbia University in New York. The committee says the work leaves the world better equipped for economic shocks, such as energy crises.
The prize is worth 12 million Swedish kronor, about $1.8 million, so each winner gets around $900,000. Officially it is the Bank of Sweden Prize in Economic Sciences.
Nobel purists stress it is technically not a Nobel prize.
- around $900,000
- Each winner receives
- 83, professor at Stanford University
- Hall
- 1968, by the Bank of Sweden
- Prize founded
Why it mattersCentral banks and governments around the world now use these models.
AustraliaNo direct Australian effect yet. It would only matter if the Reserve Bank of Australia changed how it sets interest rates.
Corroborated bythenightly.com.au·perthnow.com.au
✓ Claims checked against the source and corrected before publish. checked 57 min ago
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