On Monday, October 12, President Jennifer L. Mnookin and the Columbia community toasted Michael Woodford, the John Bates Clark Professor of Political Economy and recipient of the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, in the Low Library Rotunda on Columbia University’s Morningside campus.
Surrounded by more than 100 family members, friends, students, University colleagues, and well-wishers, including fellow Nobel laureates Joseph Stiglitz and Martin Chalfie, Woodford, shared this year’s prize with Robert E. Hall of Stanford University for their work on the microeconomic foundations of macroeconomic stabilization. His research has reshaped the theoretical foundations of stabilization policy, strengthening the tools policymakers use to respond to economic shocks.
“I appreciate that Columbia is the kind of place where we are allowed to try ambitious things,” Woodford said. “I think it is important to our society that there are at least a few institutions that believe that this is worthwhile. I’m very grateful to have had such a home.”
For more on Professor Woodford and his thoughts on winning his Nobel, please visit Columbia News.