Nobel Economics Prize 2026: How can we manage economic shocks?

Robert E. Hall and Michael Woodford have won the 2026 Nobel Prize in Economics for research that changed how governments and central banks respond to economic shocks.

How can the decisions of individual households and businesses help explain recessions, inflation and economic booms? And how effective are the tools policymakers use to steer the economy through crises?

DW business reporter Steven Beardsley explains why the economists' work was groundbreaking, and why debate over these policy tools remains as relevant as ever.

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