They received the award for their work on how institutions are formed and affect prosperity.
Their research specialisms range from applied economics to operations management.
His research spanned areas including labor economics, financial economics and risk management.
The microeconomist will take up the post on Jan. 1 next year.
Hurst takes over from Michael Greenstone, who was recently named inaugural director of the university’s new climate and energy institute.
Chang-Tai Hsieh, Lubos Pastor, Robert Shimer, William Hubbard and Scott Ashworth receive new appointments.
The eight distinguished economists have made significant contributions within their fields.
He joins the organization in a research leadership role alongside fellow co-scientific director Amy Finkelstein.
The NYU professor’s research focuses on climate finance, household finance, social network analyses, real estate economics, and macroeconomics.
The Nobel Prize winner will give the presentation on Nov. 30.