BOSTON (CBS/AP) – Two researchers with ties to MIT were awarded the Nobel Prize for economics Monday.

William Nordhaus of Yale University was named for integrating climate change into long term macroeconomic analysis.

New York University’s Paul Romer was awarded for factoring technological innovation into macroeconomics.

nobel 2 Researchers With MIT Ties Win Nobel Prize For Economics

(L-R) Per Stroemberg, Goeran K Hansson and Per Krusell announce the laureates of the Nobel Prize in Economics during a press conference at The Royal Swedish Academy of Sciences in Stockholm on October 8, 2018. The Nobel Prize for Economics was awarded to Paul Romer and William Nordhaus. (Photo credit HENRIK MONTGOMERY/AFP/Getty Images)

According to the Boston Globe, Nordhaus earned his doctorate from the Massachusetts Institute of Technology in 1967.

Romer graduated from Phillips Exeter Academy in Exeter, New Hampshire and did graduate work at MIT, according to the paper.

He told the Associated Press he ignored two telephone calls Monday morning before the Swedish Royal Academy of Sciences was able to get through to him.

“I didn’t answer either because I thought it was a spam call,” Romer said.

Both men will share the $1.01 million prize.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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