(AP) AMERICAN economists Robert E. Hall and Michael Woodford won the Nobel memorial prize in economics on Monday for their work on models that have helped Governments and central banks manage economic shocks, such as energy crises and inflation. The Royal Swedish Academy of Sciences announced the winners in Stockholm, saying the two were being honoured 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 Woodfordwith Columbia University in New York. Woodford spoke to the committee by phone Monday from NewYork, saying:“It’s a tremendous honour, 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.