(COMBO) This combination of pictures created on October 12, 2026 shows L/R an undated handout photo obtained from The Hoover Institution at Stanford University showing Robert Hall, economics professor at Stanford University and the Robert and Carol McNeil Endowed Professor in Economics and Senior Fellow at the Hoover Institution, and an undated handout photo obtained from Columbia University showing Michael Woodford, the John Bates Clark Professor of Political Economy at Columbia University. Americans Robert Hall and Michael Woodford were awarded the Nobel economics prize on October 12, 2026, for their work on how monetary and fiscal policy can better stabilise disruptive economic fluctuations. The two were honoured for developing new models for managing recessions and other crises that fail to respond to traditional tools (Photo by Handout / various sources / AFP via Getty Images) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / The Hoover Institution at Stanford University / COLUMBIA UNIVERSITY" - HANDOUT - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS