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2 American economists win Nobel for work on managing economic shocks

STOCKHOLM (AP) — American economists Robert E. Hall and Michael Woodford won the Nobel Memorial Prize in economics 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, noting that their work created the theoretical foundation to better understand how consumers decide whether to save or spend, insights that make it easier for policymakers worldwide to stabilize economies after fluctuations. “The laureates’ research has ...

Boosting US oil supplies with Russian diesel unlikely to have much impact on prices, experts say

A new pact that calls for Russia to boost the U.S. supply of diesel over the next few months is unlikely to make a dent in painfully high prices at the pump or elsewhere, energy policy experts say. Energy policy experts expressed doubts that a boost in diesel supply from Russia will have a significant impact on oil prices, whether in the U.S. or globally. “It’s kind of shuffling deck chairs on the Titanic,” said Michael Lynch, distinguished fellow at Energy Policy Research Foundation. “If we get diesel from Russia, basically it means that their existing customers are not ...

Buying now, paying later?

NEW YORK (AP) — Americans spent more than $160 billion last year using buy now, pay later plans, according to research published by Federal Reserve economists. Experts say they’re increasingly seeing people use the plans for everyday expenses like groceries, bills, transportation and, ...

Tips for getting a business headshot

Getting author photos made to promote his first book was a meaningful experience for freelance journalist Philip Eil. The professional photographer he hired was friendly and supportive, he said, and he liked watching her work during the several hours they spent together. She shot some close-ups in her studio and then took outdoor images of Eil near the Seekonk River, one of his favorite spots in Providence, Rhode Island. “There was so much emotion wrapped up in publishing this book, which I had worked on for over a decade,” Eil said of the 2024 shoot that helped launch his ...

Student loan borrowers have more time to reduce their interest rate

NEW YORK (AP) — Student loan borrowers now have until the end of 2026 to enroll in auto pay and have their interest rate reduced by 1%. The original deadline was Sept. 30, but the U.S. Department of Education extended it to give borrowers more time to enroll. The rate reduction will last through June 2028. Borrowers who currently use auto pay already receive an interest-rate discount of 0.25%, so the new reduction takes off just 0.75%. This temporary benefit is meant to support borrowers, along with those who are returning to repayment, and ensure they can stay on top of the new ...

One income, two retirements

For a lot of people, a one-size-fits-all retirement plan just doesn’t fit. Their family circumstances call for a more custom-made approach. That’s the case with couples who have one income. Christine Benz and Valentina Djeljosevic recently discussed the retirement planning needs of these couples, including emergency funding and Social Security filing decisions. Valentina Djeljosevic: For couples who get to make this choice, to forgo having two earners, I’m sure they’re wondering, “Can we make it on one income?” But what might they be missing? Christine Benz: They’re ...