Stanford-Columbia research on modern economic modeling
The latest in this situation
- Their research bridged macroeconomics and microeconomics to address energy crises.
- Robert Hall and others developed new economic models and chaired the Nobel Prize committee.
- Robert Hall's work, associated with Stanford, contributed to the New Keynesian approach, alongside Michael Woodford at Columbia University.
- Research from Stanford and Columbia provides a foundation for modern economic models.
How it started
Economists Hall and Woodford Win Nobel Prize for Economic Modeling
What happened
Robert Hall and Michael Woodford won the Nobel memorial prize in economics for their work on models that assist governments and central banks in managing economic shocks, including energy crises and inflation. The Royal Swedish Academy of Sciences announced the award in Stockholm, noting the research has helped policymakers deal with economic fluctuations.
Why it matters
The laureates' research established the theoretical foundation for models now used globally by central banks and governments. This work has been cited as hugely beneficial in managing major macroeconomic crises, such as the pandemic and recent energy crises.
Who's involved
- HallEconomist affiliated with Stanford University, recognized for his theoretical work
- Stanford UniversityStanford University, where Robert Hall maintains a formal affiliation
- Columbia UniversityColumbia University, where Michael Woodford is affiliated
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.How it developed
Newest first. Tap a step to see who reported it.- Robert Hall's work, associated with Stanford, contributed to the New Keynesian approach, alongside Michael Woodford at Columbia University.Sub-event
Research from the two universities lays groundwork for modern economic models.1 source
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The entities involved
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Stanford University
private research university in Stanford, California, USA
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Columbia University
private university in New York City, New York, US