Working Papers
The Anatomy of Capital Returns over the Very Long Run: Germany, 1465–2025
Economics Working Paper 26128
November 6, 2026
Robert E. Hall, the Hoover Institution’s Robert and Carole McNeil Senior Fellow (Emeritus) and Stanford professor of economics, has been named a co-recipient of the 2026 Nobel Prize in Economic Sciences for his contributions to understanding macroeconomic stabilization. Hall becomes the sixth Hoover economist in the past half-century to receive the honor, continuing a tradition that began with Milton Friedman.
In a new episode of Matters of Policy & Politics, Hoover senior fellow Valerie Ramey, who once served as Hall’s graduate research assistant, discusses how his pioneering work in New Keynesian economics has shaped modern economic research and influenced monetary and fiscal policy. Ramey also explores Hall’s contributions to understanding economic shocks, his distinctive approach to explaining complex economic ideas, and his lasting influence on generations of economists.
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