MIT economist Whitney Newey PhD ’83, the Ford Professor of Economics, emeritus, has received the 2026 Erwin Plein Nemmers Prize in Economics.

The biennial Nemmers prizes from Northwestern University recognize top scholars for their lasting contributions to new knowledge, outstanding achievements, and the development of significant new modes of analysis.

The university cited Newey — whose research has focused on econometrics — for producing “a body of work that has shaped the field of semiparametric econometrics, guided both econometricians and empirical researchers over several decades, and helped lay the foundations for modern machine learning-based inference.”

Newey will interact with Northwestern faculty and students through programming scheduled to occur during the 2026-27 academic year. The prize also includes a $300,000 award.

“I am delighted, deeply honored, and very grateful,” says Newey of the honor. “I am thrilled to have worked on and now work on ideas and approaches that are important for modern, machine learning-based inference and modern empirical economics more generally, most of this with such capable collaborators. This prize will expedite this work.”

Newey has been a leading figure in econometric theory for more than four decades, shaping both research and training in the field. He has done pathbreaking work on variance estimation, nonparametric simultaneous equations, consumer surplus estimation with general heterogeneity, and debiased machine learning.

“My colleagues and I are thrilled to see Whitney’s incredible career recognized with this high honor,” says Jonathan Gruber, the Ford Professor of Economics and head of the Department of Economics. “His research has given birth to many of the econometric methods that are now second nature to economists, and those of us in his orbit also know him as a source of sage, comprehensive, and generous advice. Whitney symbolizes, through both his pathbreaking research and his great generosity, what has made MIT economics so great for so many years.”

Newey is a distinguished fellow of the American Economic Association, a member of the American Academy of Arts and Sciences, and a fellow of the Econometric Society. He is also a fellow of the International Association of Applied Econometrics, of CEMP at Jinan University, and an international fellow of the Centre for Microdata Methods and Practice (CEMMAP) at University College London. He earned a BA and a PhD in economics from Brigham Young University and MIT, respectively.

Newey was named a 2020 Distinguished Fellow by the American Economic Association. He has been a fellow of the Center for Advanced Study in the Behavioral Sciences and received a Sloan Foundation Research Fellowship. He has served as co-editor of Econometrica — a journal produced by the Econometric Society — and as program co-chair for the World Congress of the Econometric Society. He has also served on the Econometric Society’s Executive Committee. He previously taught economics at Princeton University and at MIT, and also previously served as the head of MIT’s Department of Economics. He has been a visiting scholar, professor, and lecturer at institutions across the world.