News Summary

• u.s. economists Robert E.
• Hall and Michael Woodford win Nobel Memorial Prize.
• Their work helped governments manage economic shocks, such as energy crises and inflation.
• Hall: "I've spent my career trying to understand how the economy works, following interesting questions" Woodford: "It's a tremendous honor.
• It's a surprise," he tells the Nobel committee by phone from New York."The laureates' research has made it possible to manage major macroeconomic crises far more effectively," committee says.