US-Based Trio Awarded Nobel Prize In Economics

Stockholm: The Nobel Prize 2022 for Economics has been awarded to Ben Bernanke, Douglas Diamond and Philip Dybvig, the Nobel Committee announced on Monday.

The US-based economists were chosen by the Royal Swedish Academy of Sciences for the prestigious honour for research on banks and financial crises.

“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 Nobel Committee stated.

Bernanke, who served as US Federal Reserve chairman from 2006 to 2014, was thereafter appointed as a distinguished fellow at the Brookings Institute in Washington DC.

Diamond is a professor at the University of Chicago Booth School of Business, while Dybvig is a professor at Olin Business School of Washington University in St Louis.

The winners of Nobel — officially called Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — receive 10 million Swedish krona or $883,000 each.

Royal Swedish Academy of Sciences selects the winners from recommendations made by the Nobel Economic Sciences Prize Committee.