(CNNMoney) -- Two American economists won the Nobel Prize for economics on Monday for their work studying how changes in government policies or economic shocks affect a nation's economy.

Thomas Sargent, a professor at New York University, and Christopher Sims, a professor at Princeton University, both 68, will share the award and the $1.49 million prize money for the work they do together.

While the global economy has been shaken by a series of shocks and policy responses, Sims said the research that won the award doesn't have any direct solutions for what ails various countries.

But the methods he and Sargent have developed could be used to help guide policymakers, he said.