The 2026 Nobel economics prize has been awarded to US economists ⁠Robert Hall ​and Michael Woodford, the Royal Swedish Academy of ‌Sciences said on Monday.

Robert Hall ​and Michael Woodford on Monday won ​the 2026 Nobel economics prize for their work into how monetary and fiscal policy can help stabilise fluctuations in the economy.

The pair were recognised "for microeconomic foundations of ​macroeconomic ‌stabilisation", ⁠the Royal Swedish Academy of ‌Sciences said on Monday.

The ⁠prestigious award, formally known as the Sveriges Riksbank ​Prize in ‌Economic Sciences in Memory of Alfred Nobel, is ‌the final prize to ​be given out this year and is worth ​12 million Swedish crowns ($1.2 ​million).

The economics ⁠prize, first awarded in 1969, is not one of the original five awards created in the ​1895 will of industrialist and dynamite inventor Alfred ‌Nobel, but was established by Sweden's central bank.

The majority of previous laureates have been from the United States. Only three ‌women have ever won, most recently Claudia Goldin in 2023 for work on ​how gender has affected pay and employment over time in the United States.

(FRANCE 24 with Reuters and AFP)