Seminar on the 2026 Nobel Prize in Economic Sciences: the work of Robert E. Hall and Michael Woodford

Recessions, inflation surges and financial crises affect jobs, savings and living standards. Can policymakers smooth out these swings, and how do they know which tools will work? The 2026 Nobel Prize in Economic Sciences was awarded to Robert E. Hall and Michael Woodford for microeconomic foundations of macroeconomic stabilisation, research that underpins the models central banks and governments use today.

This seminar brings together perspectives from economic research, central banking and philosophy of science. First, Antti Ripatti (University of Helsinki) will give an overview of the research behind the prize and explain its significance for macroeconomics. Next, Aino Silvo (Bank of Finland) will discuss how the laureates’ work has shaped the toolkit of modern central banks in practice. Finally, Jaakko Kuorikoski (University of Helsinki) will consider the prize from a philosophy of science perspective, reflecting on what kind of knowledge macroeconomic models provide and how they relate to policy. The talks will be followed by an open discussion with the audience.

The seminar is designed for a broad audience, including economists, other social scientists, philosophers, students and interested members of the public. The talks will address the substance of the research without assuming specialist knowledge, so the core ideas will be accessible to everyone.

Taming the Economy’s Ups & Downs

Seminar on the 2026 Nobel Prize in Economic Sciences: the work of Robert E. Hall and Michael Woodford

Friday 13 November 2026, 14:00–16:00
​​​​​​​Metsätalo, Room B116 (Sali 1), Unioninkatu 40, Helsinki

Programme

  • Opening remarks – Jari Eloranta (University of Helsinki)
  • Overview of the research behind the prize and its significance – Antti Ripatti (University of Helsinki)
  • How the laureates’ work has shaped the toolkit of modern central banking in practice – Aino Silvo (Bank of Finland)
  • The prize from a philosophy of science perspective – Jaakko Kuorikoski (University of Helsinki)
  • Q&A and discussion

Organiser and chair: N. Emrah Aydinonat (University of Helsinki)

The seminar is organised by the Faculty of Social Sciences, University of Helsinki, in collaboration with TINT – Centre for Philosophy of Social Science. It is the latest addition to the ReSES – Rethinking the Serviceability of Economics seminar series. It is also the first seminar held by the MAP – Models in Argumentation and Policy project, funded by the Research Council of Finland.