斯坦福大学经济学教授罗伯特·E·霍尔长期致力于研究经济波动与商业周期。哥伦比亚大学经济学教授迈克尔·伍德福德则专注于货币政策研究。两位学者因成功构建新的经济模型以完善经济稳定政策而共同荣获奖项。
Robert E. Hall, professor of economics at Stanford University, focuses extensively on economic fluctuations and business cycles Michael Woodford, economics professor at Columbia University, focuses on monetary policy Duo receives award for demonstrating how to reconstruct economic models to revitalize stabilization policies US economists Robert E. Hall and Michael Woodford were awarded the 2026 Nobel Prize in Economics on Monday "for microeconomic foundations of macroeconomic stabilization." Their approach focuses on building models on microeconomic foundations rather than relying on statistical links between macroeconomic variables like inflation, production and consumption.
本周一，美国经济学家罗伯特·E·霍尔与迈克尔·伍德福德被授予2026年诺贝尔经济学奖，以表彰他们在“宏观经济稳定的微观经济基础”研究方面所作出的贡献。他们的研究方法强调以微观经济原理为基础构建经济模型，而非单纯依赖通货膨胀、生产及消费等宏观经济变量间的统计关联。
This method provides a deeper understanding of how the combined actions of individual households and businesses affect the overall economy.
这一方法有助于我们更深入地理解个体家庭与企业的集体行为如何影响整个经济体系。
Robert E. Hall Robert E. Hall, born in 1943, is an economist at Stanford University, where he is a professor of economics and a senior fellow at the Hoover Institution. He is generally regarded as a macroeconomist but describes himself as an applied economist.
罗伯特·E·霍尔生于1943年，现为斯坦福大学经济学教授，同时担任胡佛研究所高级研究员。虽然外界普遍视其为宏观经济学家，但他本人则自称为应用经济学家。
Hall earned his bachelor’s degree in economics from the University of California, Berkeley, and his doctorate from the Massachusetts Institute of Technology under economist Robert Solow.
霍尔在加州大学伯克利分校获得经济学学士学位，后于麻省理工学院师从经济学家罗伯特·索洛并取得博士学位。自1978年起，他一直担任美国国家经济研究局商业周期判定委员会的主席，该机构负责判定美国经济衰退的起始与结束时点。
His work has focused extensively on economic fluctuations and business cycles. Since 1978, Hall has chaired the Business Cycle Dating Committee of the National Bureau of Economic Research, the body responsible for determining the beginning and end of US recessions.
2010年，霍尔曾出任美国经济学会会长。他还是美国国家科学院、美国艺术与科学学院以及计量经济学会的成员。
He served as president of the American Economic Association in 2010 and is a member of the National Academy of Sciences, the American Academy of Arts and Sciences and the Econometric Society.
迈克尔·伍德福德，1955年出生，是美国哥伦比亚大学的宏观经济学家及货币理论专家。他的研究重点主要集中在货币政策，以及人们对未来经济形势的预期如何影响各类经济决策。
Michael Woodford Michael Woodford, born in 1955, is an American macroeconomist and monetary theorist at Columbia University. His research has focused particularly on monetary policy and how expectations about future economic conditions influence economic decisions.
伍德福德先后获得了芝加哥大学的学士学位、耶鲁大学的法律学位，以及麻省理工学院的经济学博士学位。
Woodford earned a bachelor’s degree from the University of Chicago, a law degree from Yale University and a doctorate in economics from the Massachusetts Institute of Technology.
他的学术生涯始于哥伦比亚大学，之后曾在芝加哥大学和普林斯顿大学任教。2004年他重返哥伦比亚大学，并担任约翰·贝茨·克拉克讲席教授。
He began his academic career at Columbia and later taught at the University of Chicago and Princeton University before returning to Columbia in 2004, where he holds the John Bates Clark Chair.
伍德福德荣获过多项重要荣誉，包括德意志银行奖、欧文·普莱恩·内默斯经济学奖以及BBVA基金会知识前沿奖。
Woodford has received several major honors, including the Deutsche Bank Prize, the Erwin Plein Nemmers Prize in Economics and the BBVA Foundation Frontiers of Knowledge Award.
获奖理由：霍尔与伍德福德因推动宏观经济理论建立在微观经济基础之上而获此殊荣。
Why they won Hall and Woodford were recognized for helping rebuild macroeconomic theory on microeconomic foundations.
早期的宏观经济模型往往依赖通货膨胀、生产及消费等宏观指标之间的统计关联。而霍尔与伍德福德则着重研究个体家庭与企业的决策行为，以及这些决策如何共同塑造整个经济格局。
Earlier macroeconomic models often relied on statistical relationships between broad indicators such as inflation, production and consumption. Hall and Woodford instead emphasized the decisions of individual households and businesses and how those decisions collectively shape the economy.
他们的研究揭示了一个关键规律：家庭与企业都具有前瞻性思维。他们在储蓄、消费及定价等方面的决策不仅取决于当前的经济状况，还受到对未来形势预期的影响。
A key insight in their work is that households and companies are forward-looking. Their decisions on issues such as saving, spending and pricing depend not only on current conditions but also on what they expect to happen in the future.
这意味着，政府与中央银行不仅可以借助调整利率、增加政府支出等即时措施来调控经济活动，还能通过发布可信的未来经济政策规划来发挥引导作用。
This means that governments and central banks can influence economic activity not only through immediate measures such as interest-rate changes and government spending, but also by communicating credible plans about future economic policy.
这一理论框架在20世纪70年代经济动荡时期为稳定化政策注入了新活力——当时高通胀、高失业率及经济增长乏力使得传统凯恩斯主义模型的有效性受到广泛质疑。
The approach helped revitalize stabilization policy after the economic turmoil of the 1970s, when high inflation, unemployment and weak growth raised doubts about the effectiveness of traditional Keynesian models.
据瑞典皇家科学院介绍，他们的研究为各国央行及政府应对各类经济冲击提供了坚实的理论基础，这些冲击包括能源危机以及家庭消费的骤变。
According to the Royal Swedish Academy of Sciences, their work provided a stable theoretical foundation for models now used by central banks and governments to respond to economic shocks, including energy crises and sudden changes in household consumption.
具体而言，他们的研究成果提升了政策制定者调控经济周期的能力，有助于缓解经济繁荣与衰退带来的波动，这得益于对政策决策如何影响家庭与企业的预期及行为有了更深入的理解。
In practical terms, their research has improved policymakers’ ability to smooth economic booms and recessions by understanding how policy decisions affect the expectations and behavior of households and businesses.