The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

For Angus Deaton – awarded the Prize in Economic Sciences 2015 – fly fishing has helped him think in new and creative ways

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About the prize

In 1968, Sveriges Riksbank (Sweden’s central bank) established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the bank’s 300th anniversary. The prize amount is the same as for the Nobel Prizes and is paid by the Riksbank. The first prize in economic sciences was awarded to Ragnar Frisch and Jan Tinbergen in 1969.

The prize in economic sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.

See all economic sciences laureates or learn about the nomination process.

Sveriges Riksbank Prize in Economics Sciences in Memory of Alfred Nobel 2026

Microfoundations deliver macro insights

Economic development is characterised by alternating downturns and upturns. Stimulating or slowing down the economy at the right time can provide stability and allow us to avoid drawn-out recessions or runaway inflation. Robert E. Hall’s and Michael Woodford’s research has generated a paradigm shift in stabilisation policy. New Keynesian models, a result of their research, allow us to explain and quantify how stabilisation policy affects business cycles and are now used by central banks and finance ministries around the world.

Press release
Popular information: Microfoundations deliver macro insights
Scientific background: Microeconomic foundations of macroeconomic stabilization

An illustration of volatile curves that are being made less volatile by a pair of hands.

© Johan Jarnestad/The Royal Swedish Academy of Sciences

The 2026 economic sciences laureates

The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026 to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.”

They demonstrated how economic models could be reconstructed to revitalise stabilisation policy. Rather than basing the models on statistical links between macroeconomic variables, such as inflation, production and consumption, they chose to build them on a microeconomic foundation. This encompasses an understanding for how the total mass of individual households and businesses affect the economy through their actions.

Robert E. Hall and Michael Woodford

Ill. Niklas Elmehed © Nobel Prize Outreach

Do you agree that governments and central banks should use stabilisation policies?

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The Nobel Prize medal.

The Nobel Prize medal.

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Nobel Prizes and laureates

Laureate in economic sciences Bengt Holmström likes the Chinese board game GO, which begins with simple rules but gets difficult as one progresses.

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All prizes in economic sciences

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How the pull of individuals can move a whole system

Angus Deaton employed theory, data collection and statistics together to see how consumption, poverty, and welfare are related. His conclusion? We need to understand individual consumption choices before we can design economic policy that promotes welfare and reduces poverty.

Angus Deaton visiting the Vasa Museum during the Nobel week in Stockholm.

Angus Deaton visiting the Vasa Museum in Stockholm during Nobel Week.

© Nobel Prize Outreach. Photo: Pi Frisk

On mathematics, the prize and ‘A Beautiful Mind’

Watch this interview with Dr. John Nash, who received the prize in economic sciences in 1994. He talks about the impact the prize has had on his life, his talent for mathematics as a child and about the movie about his life, A Beautiful Mind.

John F. Nash Jr.

John F. Nash Jr., awarded the 1994 Prize in Economic Sciences.

Photo: Nobel Foundation archive

Contracts: a glue for modern economies

Read how ‘innumerable contracts’ hold modern economies together. The recipients of the 2016 prize in economic sciences created theoretical tools for understanding real-life contracts and institutions, as well as potential pitfalls in contract design.

Bengt Holmström and Oliver Hart autograph a chair

Oliver Hart (left) and Bengt Holmström autograph a chair at the Nobel Museum.

Photo: Jonas Ekströmer/TT

Economic sciences prize 2023

Gender gap in labour market

Claudia Goldin demonstrated how and why gender differences in earnings and employment rates have changed over time in the United States.

Claudia Goldin after receiving her prize

Claudia Goldin after receiving her prize from H.M. King Carl XVI Gustaf of Sweden at Konserthuset Stockholm on 10 December 2023.

© Nobel Prize Outreach. Photo: Nanaka Adachi

Economic sciences prize 2017

Economic decision-making

Richard Thaler has paid special attention to three psychological factors: the tendency to not behave completely rationally, notions of fairness and reasonableness, and lack of self-control.

Thaler2017

Richard Thaler was awarded the 2017 prize in economic sciences.

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