This undated handout photo obtained on October 12, 2026, from Columbia University shows 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 / Columbia University / AFP via Getty Images) / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / COLUMBIA UNIVERSITY" - HANDOUT - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS