Noah Smith at Noahpinion:
First, let me say that this prize is long overdue. In 2009, I asked my PhD advisor, Miles Kimball, who was the greatest living macroeconomist. Without hesitation, he answered “Bob Hall”, and said he would be very surprised if Hall didn’t win the Nobel at some point. Hall’s work is breathtakingly broad; if you want good summaries, I recommend Alex Tabarrok and Tyler Cowen (as usual). As for Michael Woodford, everyone I know assumed that if New Keynesian macro ever did get the prize, Woodford would be included, as he literally wrote the book on it.
But anyway, let’s talk about New Keynesian economics — what it is, how it came about, why it’s important, and why it didn’t get a Nobel until now. Let’s start with a brief history of modern macroeconomics.
More here.
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