2 American economists win Nobel for overturning assumptions about how to deal with economic shocks

American economists Robert E. Hall and Michael Woodford have been awarded the Nobel memorial prize in economics. The recognition follows their significant work on models that overturned previous assumptions regarding the management of economic shocks. Robert E. Hall, a professor at Stanford, was one of the two American-born recipients honored on Monday in Stockholm. Their research provided new frameworks for understanding how to address economic instability, fundamentally changing the approach to dealing with various financial shocks.