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American-born economists Robert E. Hall and Michael Woodford won the Nobel Prize in economics for their work on models that help governments and central banks manage economic shocks.
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.
By studying how consumption decisions are made and how prices are set in concrete terms, the two economists refined the understanding of the economy and provided public policymakers with new tools.