NOBEL PRIZE IN ECONOMICS 2022 AWARDED TO BEN BERNANKE, DOUGLAS DIAMOND, AND PHILIP DYBVIG

Mon 10 October 2022:

The 2022 Nobel Prize in Economics was given to Douglas W. Diamond, Philip H. Dybvig, and Ben S. Bernanke. The group’s study on banks and financial crises earned them the esteemed prize.

The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel is the official name of the honor.

“This year’s laureates in the Economic Sciences… have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital.”

“Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond, and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises,” the official statement from the Nobel Committee stated.

The official ceremony will take place in Stockholm, Sweden on December 10 where the laureates will receive their awards along with a diploma and a prize amount of 10 million Swedish krona ($914,447).

BREAKING NEWS:
The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”#NobelPrize pic.twitter.com/cW0sLFh2sj

— The Nobel Prize (@NobelPrize) October 10, 2022

In recognition of his work with the Federal Reserve during the financial crisis of the late 2000s, Bernanke previously received the 2009 Time Person of the Year award. His chairmanship was in place from 2006 to 2014.

The Nobel Prize in Economics in 2021 was given to David Card “for his empirical contributions to labour economics” and the duo of Joshua D. Angrist and Guido W. Imbens “for their methodological contributions to the analysis of causal relationships.”

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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