Nemmers Prize in economics awarded to Michael Woodford 

Macroeconomist Michael Woodford has won the 2024 Nemmers Prize in economics for his contributions to the discipline.

He received the award for “advancing the New Keynesian approach to understanding economic fluctuations in general equilibrium, bridging the theory and the practice of monetary policy, and incorporating bounded rationality in macroeconomics,” according to a statement from the judging panel.

Much of Woodford’s research focuses on macroeconomic modeling, with particular regard for the role of alternative models of expectation formation in the propagation of economic disturbances. He is the John Bates Clark professor of political economy at Columbia University.

Some of the economist’s current work centers on the implications of bounded rationality for economic analysis, and draws upon findings in cognitive psychology and neuroscience.

Woodford is a recipient of MacArthur and Guggenheim fellowships, and is a fellow of the American Academy of Arts and Sciences and the Econometric Society, among others. He is a member of the research networks of the National Bureau of Economic Research, the Centre for Economic Policy Research and CESifo.

Nemmers prizes are awarded biennially for contributions to the fields of economics, earth sciences, mathematics and medical science. They are organized by Northwestern University, and as of 2024 the economics winner receives a cash prize of $300,000.

The winner of the 2022 Nemmers Prize in economics was Ariél Pakes of Harvard University.