Special Cournot Seminar for the 2026 Laureates: The Contributions of Robert Hall and Michael Woodford

We are pleased to invite you to the next session of the BETA Cournot Seminar, organised with the support of the FSEG on Friday 13/11, at 2.00 pm, a special Cournot Seminar on the 2026 laureates, entitled The Contributions of Robert Hall and Michael Woodford, presented by Thierry Betti (BETA, University of Strasbourg).

Abstract: Robert E. Hall and Michael Woodford are recognised for having reconstructed macroeconomic stabilisation models on a microeconomic basis. Rather than relying on statistical relationships between aggregates (inflation, output, consumption), they based their models on the behaviour of households and firms. This framework, distinct from the traditional Keynesian approach, is based on ‘structural parameters’ to be estimated and withstands Lucas’s critique: the effects of a policy change can be anticipated in a systematic manner. Hall thus established, as early as 1978, the role of expectations in consumption decisions. In *Interest and Prices* (2003), Woodford set out a framework for monetary macroeconomics. This work gave rise to the New Keynesian models, which make it possible to explain and quantify the effect of stabilisation policies on business cycles and are now used by central banks and finance ministries.

Videoconference link: : TBA