▲ This Year's Nobel Laureates in Economics
Robert Hall, an 83-year-old professor at Stanford University, and Michael Woodford, a 71-year-old professor at Columbia University, have been awarded this year's Nobel Prize in Economics for their contributions to research on macroeconomic stabilization.
The Royal Swedish Academy of Sciences noted that the New Keynesian models that emerged based on their research have made it possible to explain and quantify the impact of stabilization policies on economic fluctuations.
The Academy explained that central banks and finance ministries around the world are utilizing their models for policy-making.
The Nobel Prize in Economics is awarded to individuals who have made major contributions to the advancement of economic science.
Beginning with the inaugural laureates Ragnar Frisch of Norway and Jan Tinbergen of the Netherlands in 1969, a total of 101 individuals have received the prize across 58 instances up to this year.
The official name of the prize is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was established by the Swedish central bank in 1968 to mark its 300th anniversary, and the Royal Swedish Academy of Sciences awards the prize using the same principles as the traditional Nobel Prizes.
However, because it is not one of the five award fields established in Alfred Nobel's will, controversies regarding its name and prestige have also existed.
(Photo provided by the Royal Swedish Academy of Sciences, Yonhap News)
※
Copying, redistribution, and unauthorized use in AI training are strictly prohibited.