AP
Nobel Prize
FILE - A Nobel medal is held up during a ceremony in New York, Dec. 8, 2020.
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American-born economists Robert E. Hall and Michael Woodford have won the Nobel memorial prize in economics for their work on models that help manage economic shocks. The Royal Swedish Academy of Sciences announced the winners Monday, honoring them for their contributions to macroeconomic stabilization. Hall is affiliated with Stanford University, and Woodford with Columbia University. Their work provides a stable foundation for models used by central banks and governments worldwide. The economics prize, established in 1968, is presented with the other Nobel Prizes on December 10. This year’s prize money is 12 million Swedish kronor, about $1.2 million.
