From the Sveriges Riksbank:
The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026 to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.”
They demonstrated how economic models could be reconstructed to revitalise stabilisation policy. Rather than basing the models on statistical links between macroeconomic variables, such as inflation, production and consumption, they chose to build them on a microeconomic foundation. This encompasses an understanding for how the total mass of individual households and businesses affect the economy through their actions.
Not Judy Shelton? Hmmm…
There is always a next year. Didn’t Trump say that or did he have a temper tantrum.
Judy and Stephen Moore for their outstanding work on disinformation.
An economist’s perspective:
https://www.grumpy-economist.com/p/a-great-nobel
“Hall’s most famous paper (my review here) was a brilliant extension and test of Milton Friedman’s permanent income model of consumption, which undercut the whole Keynesian fiscal stimulus business.”
I guess grumpy never hear of Ando-Modigliani which sort of made the Friedman model obsolete. I’d explain it to little Brucie but it’s economics so it’s over his pea brain. Or as I have always said Bruce “no relationship to Robert” Hall!
BTW anyone who understood Barro-Ricardo (which of course Brucie never has) would know some forms of fiscal stimulus can work. Robert Hall knew that but little Brucie – forget about it.
Katie Miller, the podcaster married to White House adviser Stephen Miller, deleted a post celebrating Monday’s federal search of Rep. Ilhan Omar’s home, but not before social media captured it and suggested it could come back to haunt her.
http://www.rawstory.com/katie-miller-2678075044
So this raid on Omar’s home was a rightwing stunt and nothing more. Given how hubby Stephen Miller berates people who do not fully engage in Trump’s racist agenda, expect some domestic violence at the Miller home tonight. I wonder if ICE will get involve and help hubby abuse his loud mouth wife.
Yep. Part if the felon-in-chief’s revenge tour. The FBI searched his home, so searching other people’s homes is now a tool of revenge. Same with Jack Smith and James Comey, only they actually had a hand in investigating the felon.
Illan Omar isn’t the only highly accomplished woman of color that the felon administration is harassing via the legal system:
https://www.cnn.com/2026/10/09/economy/white-house-investigation-fed-lisa-cook
Having another go at Lisa Cook.
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JD Vance Shows Republicans Are Terrified Of Talarico In Texas
The White House sent JD Vance to Texas to suggest that Democratic Senate candidate James Talarico is gay, which shows how desperate and scared Republicans are in the Lone Star State.
Jason Easley
Oct 13
∙
Talarico is not gay but homophobia? Their Treas. Sec. is gay as well as an arrogant clown.
But what would the ghosts of Lindsey Graham and Larry Craig say?? And would donald trump blow him in an airport bathroom for a “nay” on impeachment?? Only Natalie Harp knows for sure.
I saw this article and it immediately got me wondering about the fate of the Calvo pricing model that’s more or less central to today’s NK macro:
https://www.cbsnews.com/news/price-tag-artificial-intelligence/
In a nutshell, this kind of thing could undermine the sticky price mechanism in NK macro. And that’s just the macro side. On the micro side it gobbles up consumer surplus.