The Royal Swedish Academy of Sciences announced on October 12 that the 2026 Nobel Memorial Prize in Economic Sciences will be awarded to Stanford University Professor Robert E. Hall and Columbia University Professor Michael Woodford for their pioneering contributions to the microfoundations of macroeconomic stabilization policy. Their research integrates the microeconomic decisions of households and firms into macroeconomic analysis, providing a more solid theoretical basis for fiscal and monetary policy, and helping central banks and governments better respond to economic shocks such as energy crises and consumption changes.