NPR
NPR’s Greg Rosalsky explains how Robert Hall PhD ’67 and Michael Woodford PhD ’83, this year’s Nobel Prize winners in economics, helped lay the groundwork for New Keynesian economics. “Hall and Woodford helped rebuild macroeconomics around the decisions of individual people and businesses,” writes Rosalsky. “Hall broke new ground in understanding how people's expectations about the future shape their spending today. Woodford built on that work, developing a framework that combined forward-looking spending decisions with sticky prices.”