StockholmTwo Americans won the economics Nobel for modelling economic shocks.
Their models now guide central banks and governments through energy crises, the prize committee said.
The 1970s oil crises broke the Keynesian models, so Robert Hall and Michael Woodford built new ones from households’ and firms’ behaviour.
The Federal Reserve decides on 28 October, and Polymarket traders price an 84% chance of no change.
How each outlet framed it
drawn from 650+ reports worldwide
- The New York Times leans favorable
- quotes the committee's "microeconomic foundations of macroeconomic stabilization" wording and situates the prize against Columbia and Stanford affiliations
- Hindustan Times
- converts the prize into a 12 million SEK (about $1.2M) figure and explains household and business behaviour as the mechanism behind shock management
- Al Jazeera Online
- traces the 1970s oil-crisis breakdown of Keynesian models and links the laureates' tools to current energy-shock policy
Sources: The New York Times, Hindustan Times, Al Jazeera Online