Many cultures have their own versions of bread pudding, created as a way to eliminate the waste of old bread. This version is from my cookbook, “Pan y Dulce.”
“Old bread” does not necessarily mean that it has gone bad or is moldy. I’m simply referring to bread that is a day or two old and has gotten dry, which makes it the perfect vehicle to soak up the sweet milk and egg mixture and create a very moist texture once it comes out of the oven. You can feel free to use dairy-free alternatives like almond, soy, oat, or coconut milk instead of the whole milk and heavy cream.
As a professional baker, I am hopelessly devoted to the practice of measuring my ingredients by weight. While this does require a cheap digital kitchen scale, the practice will give you an instant upgrade from baking volumetrically, by which I mean using measuring cups and tablespoons. But because I realize that not all home bakers are with me yet, I have included conversions by volume.
Makes 8 Servings
300 grams (10 ½ ounces) day-old bread or pan dulce, cubed and shredded
400 grams (1 ⅔ cup) whole milk
5 large eggs
100 grams (1/2 cup packed) brown sugar
2 grams (1 teaspoon) ground cinnamon
1 gram (1 teaspoon) ground nutmeg
100 grams (⅔ cup) raisins
75 grams (3/4 cup) shredded coconut, plus more for topping
50 grams (⅓ cup) semisweet chocolate chips
100 grams (1/2 cup) granulated sugar
50 grams (3 ½ tablespoons) unsalted butter
40 grams (3 tablespoons) heavy cream
5 grams (1 teaspoon) vanilla extract
Dark rum al gusto
Cube up the old bread or pan dulce. I like to then take each cube and shred it as finely as possible.
In a large bowl, add the milk, eggs, brown sugar, cinnamon and nutmeg and whisk together until it’s blended well. Add the cubed bread into this mixture and incorporate until all the bread is moist. There should be more moisture than bread, which is good because the bread will begin to absorb it. If it feels too dry, make adjustments accordingly.
Add the raisins and shredded coconut into the mixture and mix again until they are evenly distributed. Cover the mixture and put in the fridge overnight (8 to 12 hours), or transfer to a baking pan and let it sit for at least 30 minutes before baking.
Once ready to bake, preheat the oven to 375 F. Pour the mixture into a loaf pan or cake pan and top with the chocolate chips. Add more shredded coconut on top so that it develops a nice, toasty flavor. Place the pan in the oven and bake the bread pudding for about 35 minutes.
Meanwhile, in a small saucepan over low heat, combine the granulated sugar, butter and heavy cream and whisk until the sugar is just about dissolved. Aim for a relatively thick consistency. If necessary, let it reduce for 5 minutes.
Once the desired consistency has been achieved, add the vanilla and as much rum as desired and whisk together. Set aside until the pudding is done.
Let the bread pudding cool for about 15 minutes before slicing. Serve warm and pour rum sauce on top.
Bryan Ford is an award-winning Honduran-American baker and author of “New World Sourdough.” He has judged Netflix’s “Blue Ribbon Baking Championship,” hosted Magnolia Network’s “Baked in Tradition” and “The Artisan’s Kitchen,” and guest-starred on the children's television series “Waffles + Mochi.” He co-created The Flaky Biscuit Podcast with his wife, Bridget Kenna. He is the executive chef at Afghan bakery Diljān in Brooklyn Heights, New York.
Excerpted from “Pan y Dulce” by Bryan Ford. Copyright (copyright) 2024 by Bryan Ford. Used with permission of Voracious, an imprint of Little, Brown and Company. New York, NY. All rights reserved.
This image released by Voracious shows the cookbook "Pan y Dulce" by Bryan Ford. (Voracious via AP)
This image released by Voracious shows a recipe for pudín de pan from the cookbook "Pan y Dulce" by Bryan Ford. (Brittany Conerly/Voracious via AP)
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 made it possible to manage major macroeconomic crises far more effectively than before,” the Nobel committee wrote in a paper explaining the economists' work. “It has been hugely beneficial during the pandemic and the energy crises of recent years.”
Hall, 83, is affiliated with Stanford University in California. Woodford, who was born in 1955, is affiliated with Columbia University in New York.
Woodford spoke to the committee by phone from New York: “It’s a tremendous honor. It’s a surprise.”
For decades, governments responded to economic shocks by following the Depression-era prescriptions of the British economist John Maynard Keynes: Intervene in the economy by lowering interest rates and taxes and hiking government spending, thereby encouraging consumers and businesses to spend and invest and help restart growth.
“This is the Keynesian recipe and it worked well — until it didn’t,” said Timo Boppart of the Nobel economics committee.
Policymakers had thought economic management involved simple trade-offs — unemployment, for instance, would stay low at a time of high inflation and rise when inflation fell. But the “ stagflation ’’ of the 1970s — when the world economy experienced simultaneous high inflation and high unemployment — proved the formula was simplistic.
Some economists argued that government attempts to intervene in the economy were doomed to fail. But Hall and Woodford, in separate contributions, set about improving the Keynesian model to take into account how consumers and businesses actually make decisions about whether to invest and spend.
“Economic outcomes are the result of millions of decisions made at the microlevel by households and businesses,’’ the Nobel committee wrote. “Using models based upon this approach, rather than simply studying the economy from a macro perspective, like a bird’s eye view," Hall and Woodford’s research “generated a paradigm shift in the theory of stabilization policy.”
Hall studied the way that consumers' decisions about whether and how much to spend depend on what they expect their future income to be.
“If they are optimistic, they will consume more than if they are pessimistic,’’ the committee wrote. But consumer expectations can change unexpectedly as new information about the economy comes in. Hall found that forecasting future consumer spending is virtually impossible.
The idea that consumption is mostly unpredictable “is not good news for forecasters, or policymakers,” Olivier Blanchard, who was chief economist at the International Monetary Fund during the 2008 financial crisis, said by email. “But it is news they must take into account in thinking about the effects of policy.”
Hall also explored the idea that some households are so strapped financially that they can’t borrow or tap savings in response to economic changes. In a 1982 paper with the economist Fredric Mishkin, Hall found that around 80% of households made spending decisions based on their expectations for the future “while the rest lived hand to mouth," the committee wrote.
“The prize is for research that pushes our understanding of macroeconomics from the bottom up, from families and firms making decisions over time, while looking ahead,” Ivan Werning, an economist at the Massachusetts Institute of Technology, said in an email.
Woodford’s research established that businesses make decisions about prices based on where they think interest rates will go in the future.
“If the business believes that its competitors’ prices and its own costs will increase, it is best to set a higher price than it would with the opposite expectation,” the Nobel committee wrote. “Businesses’ decisions are thus also governed by their expectations."
Therefore, central banks such as the U.S. Federal Reserve, which set short-term interest rates, should provide “clear and credible communication about how they reason and what they plan to do." Central banks have responded to this insight by working harder to explain what they are doing.
The new Fed chair, Kevin Warsh, has said the trend toward such “forward guidance” went too far. He's trying to scale back how much the U.S. central bank talks about its thinking and its intentions.
Woodford's research also offered guidance on how central banks should respond to energy price shocks — like the one that followed the U.S. and Israeli attack on Iran in February — that can both feed inflation and send unemployment higher.
“Unlike the traditional Keynesian models, Woodford’s model recommends a cooling measure, such as increased interest rates, to avoid uncontrolled inflation,” the Nobel committee wrote. “His insight has made it possible to respond to recent supply shocks more effectively than during the oil crises of the 1970s.”
During the phone call broadcast at a news conference, Woodford said his work has stressed “the understanding of the people who are in the markets and making decisions about spending.”
The winners did not immediately respond to requests for comment from The Associated Press.
The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.
Nobel purists stress that the economics prize is technically not a Nobel Prize, but it is always presented together with the others on Dec. 10, the anniversary of Nobel’s death in 1896.
Nobel honors were announced last week in medicine, physics, chemistry, literature and peace.
Monday’s award was the second Nobel win for a Stanford University professor this year. Dr. Karl Deisseroth shared the medicine prize with Peter Hegemann and Georg Nagel for their work that led to a tool that uses light to help unravel how the brain works.
The prize money this year is 12 million Swedish kronor (about $1.2 million), whether for an individual, small group of laureates or organization.
Dazio reported from Berlin, and Wiseman reported from Washington. Associated Press Writer Wyatte Grantham-Philips in Chicago contributed to this report.
AP Nobel Prizes: https://apnews.com/hub/nobel-prizes
Portraits of Robert E. Hall and Michael Woodford are shown on the screen as they are announced as the laureates of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel at the Royal Swedish Academy of Sciences in Stockholm, Sweden, Monday, Oct. 12, 2026. (Anders Wiklund/TT News Agency via AP)
Portraits of Robert E. Hall and Michael Woodford are shown on the screen as they are announced as the laureates of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel at the Royal Swedish Academy of Sciences in Stockholm, Sweden, Monday, Oct. 12, 2026. (Anders Wiklund/TT News Agency via AP)
Portraits of Robert E. Hall and Michael Woodford are shown on the screen as they are announced as the laureates of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel at the Royal Swedish Academy of Sciences in Stockholm, Sweden, Monday, Oct. 12, 2026. (Anders Wiklund/TT News Agency via AP)
FILE - A bust of Alfred Nobel on display following a press conference to announce the Nobel Committee for Physiology or Medicine at the Karolinska Institute in Stockholm, Sweden, on Oct. 3, 2022. (Henrik Montgomery/TT News Agency via AP, File)
FILE - A Nobel medal is held up during a ceremony in New York, Dec. 8, 2020. (Angela Weiss/Pool Photo via AP, File)
