Two Americans win Nobel Prize in Economics for work on boom-bust cycles
Robert E. Hall and Michael Woodford have been awarded the Nobel Prize in Economics for their research on managing boom-and-bust economic cycles. Their work provides frameworks for central banks to better mitigate the impacts of inflation and unemployment during economic shocks.
Why it matters
Their theories are foundational to modern monetary policy and how governments respond to financial crises.
Two Americans have won the Nobel Prize in Economics for their work on how to smooth boom-and-bust cycles to limit unemployment and inflation.
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