Stanford economists wins Nobel for overturning assumptions about how to deal with economic shocks – ABC7 Bay Area

Stanford economists wins Nobel for overturning assumptions about how to deal with economic shocks  ABC7 Bay Area

American-born economist and Stanford professor Robert E. Hall has won the Nobel memorial prize in economics. 34||h=1&&(this.target=t[0]),t.length>=2&&(this.opts=t[1]);var n,r=this.opts||{},i=this.target;if("string"==typeof i?n=i:"object"==typeof i&&i instanceof y?n=i.url:window.URL&&"object"==typeof i&&i instanceof URL&&(n=i.href),o(this,n),"data"!==this.params.protocol){var s=(""+(i&&i instanceof y&&i.method||r.method||"GET")).toUpperCase();this.params.method=s,this.txSize=m(r.body)||0}}),u.on("fetch-done",function(t,e){if(this.endTime=a.now(),this.params||(this.params={}),"data"===this.params.protocol)return void g("Ajax/DataUrl/Excluded");this.params.status=e?e.status:0;var n;"string"==typeof this.rxSize&&this.rxSize.length>0&&(n=+this.rxSize);var r={txSize:this.txSize,rxSize:n,duration:a.now()-this.startTime};s("xhr",[this.params,r,this.startTime,this.endTime,"fetch"],this)})}},{}],18:[function(t,e,n){var r={};e.exports=function(t){if(t in r)return r[t];if(0===(t||"").indexOf("data:"))return{protocol:"data"};var e=document.createElement("a"),n=window.location,o={};e.href=t,o.port=e.port;var i=e.href.split("://");!o.port&&i[1]&&(o.port=i[1].split("/")[0].split("@").pop().split(":")[1]),o.port&&"0"!==o.port||(o.port="https"===i[0]?"443":"80"),o.hostname=e.hostname||n.hostname,o.pathname=e.pathname,o.protocol=i[0],"/"!==o.pathname.charAt(0)&&(o.pathname="/"+o.pathname);var a=!e.protocol||":"===e.protocol||e.protocol===n.protocol,s=e.hostname===document.domain&&e.port===n.port;return o.sameOrigin=a&&(!e.hostname||s),"/"===o.pathname&&(r[t]=o),o}},{}],19:[function(t,e,n){function r(t,e){var n=t.responseType;return"json"===n&&null!==e?e:"arraybuffer"===n||"blob"===n||"json"===n?o(t.response):"text"===n||""===n||void 0===n?o(t.responseText):void 0}var o=t(22);e.exports=r},{}],20:[function(t,e,n){function r(){}function o(t,e,n,r){return function(){return u.recordSupportability("API/"+e+"/called"),i(t+e,[f.now()].concat(s(arguments)),n?null:this,r),n?void 0:this}}var i=t("handle"),a=t(31),s=t(32),c=t("ee").get("tracer"),f=t("loader"),u=t(25),d=NREUM;"undefined"==typeof window.newrelic&&(newrelic=d);var p=["setPageViewName","setCustomAttribute","setErrorHandler","finished","addToTrace","inlineHit","addRelease"],l="api-",h=l+"ixn-";a(p,function(t,e){d[e]=o(l,e,!0,"api")}),d.addPageAction=o(l,"addPageAction",!0),d.setCurrentRouteName=o(l,"routeName",!0),e.exports=newrelic,d.interaction=function(){return(new r).get()};var m=r.prototype={createTracer:function(t,e){var n={},r=this,o="function"==typeof e;return i(h+"tracer",[f.now(),t,n],r),function(){if(c.emit((o?"":"no-")+"fn-start",[f.now(),r,o],n),o)try{return e.apply(this,arguments)}catch(t){throw c.emit("fn-err",[arguments,this,t],n),t}finally{c.emit("fn-end",[f.now()],n)}}}};a("actionText,setName,setAttribute,save,ignore,onEnd,getContext,end,get".split(","),function(t,e){m[e]=o(h,e)}),newrelic.noticeError=function(t,e){"string"==typeof t&&(t=new Error(t)),u.recordSupportability("API/noticeError/called"),i("err",[t,f.now(),!1,e])}},{}],21:[function(t,e,n){function r(t){if(NREUM.init){for(var e=NREUM.init,n=t.split("."),r=0;r0){var r=n[n.length-1];if(f&&f The Royal Swedish Academy of Sciences announced the winners in Stockholm, saying the two were being honored for work that has helped policymakers deal with economic fluctuations.

“The laureates’ research has made it possible to manage major macroeconomic crises far more effectively than before,” the Nobel committee wrote. “It has been hugely beneficial during the pandemic and the energy crises of recent years.″ Hall is affiliated with Stanford University in California, and Woodford with Columbia University in New York. Woodford spoke to the committee by phone Monday from New York, saying: “It’s a tremendous honor, it’s a surprise." The Nobel committee said the laureates' work has created the theoretical foundation for models now used by central banks and governments around the world. “With them, we are better equipped to deal with shocks in the economy, such as energy crises or sudden changes in how much households consume," John Hassler, chair of the Committee for