Economics Nobel: how this year’s winners helped to smooth the cycle of economic peaks and troughs

By Conor O'Kane, Senior Lecturer in Economics, Bournemouth University

The Royal Swedish Academy of Sciences has awarded this year’s Nobel Prize in Economic Sciences to the American economists Robert E. Hall and Michael Woodford. The prize was awarded in recognition of their development of macroeconomic models that helped to reduce the length and depth of economic downturns.

According to the Academy, the economists’ work in macroeconomic modelling has given policymakers additional tools to smooth…

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