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Researchers Robert Hall and Michael Woodford have been awarded the Nobel Prize in Economics for 2026 for their contributions to understanding how the decisions of households and firms impact macroeconomic stability. They developed models that enable governments and central banks to improve fiscal and monetary policies to mitigate economic fluctuations, especially in facing recessions and inflation. Their research focused on explaining how consumers and businesses respond to financial policies and how their expectations for the future adapt, thereby enhancing the effectiveness of economic policy tools such as setting interest rates and guiding expectations to achieve better economic stability.
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