12 Hrs
Source:
الاقتصادية
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Source: الاقتصادية
12 Hrsالاقتصادية
Source: الاقتصادية
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Robert Hall argues that spending is determined not by current income alone: households also take into account their expectations for future income and their job and credit security, which helps them maintain consumption when faced with temporary hardship. Michael Woodford showed that interest-rate decisions also have an effect by shaping people’s expectations about the future, and that clear plans from central banks and households’ trust in them can support consumption and help curb inflation. According to the article, the two economists received the 2026 Nobel Prize in Economic Sciences in recognition of research that helped change the approach taken by central banks.
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