Ben Bernanke, Douglas Diamond, and Philip Dybwig were awarded the Nobel Prize in Economics for their research on banks and financial crises.
Bernanke served as chairman of the Federal Reserve from 2006 to 2014, where he oversaw the central bank’s response to the Great Recession. Diamond is a professor at the University of Chicago and Dybwig is a professor at Washington University in St. Louis.
“The foresight of the winners has improved our ability to avoid serious future crises,” said Tore Ellingsen, chairman of the prize committee in economics, in a statement.
The winners will receive 10 million Swedish kroner, or about $911,765, which will be divided among the prize winners. In addition to the prize money, each winner will be awarded an 18-carat gold medal.
In 2021, David Card along with Joseph Angrist and Guido Imbens was awarded the Nobel Prize in Economics.
Card, an economist honored “for his empirical contributions to labor economics,” works at the University of California, Berkeley. “Raising the minimum wage does not lead to fewer jobs” is also part of their research, the Nobel Prize Institute said.
Also, a pair of economists — Angrist and Guido Imbens won awards for advances in the study of cause and effect, Angrist is a professor of economics at the Massachusetts Institute of Technology, and Guido Imbens is a professor of economics at Stanford University.
On the anniversary of Nobel’s death, the 2022 laureates will be invited to accept the prize in Stockholm, Sweden on December 10.
Nobel, the famous Swedish chemist who invented dynamite, left his fortune to win annual prizes in many disciplines.
The first Nobel Prize was awarded in 1901. After nearly 70 years, the first Nobel Prize in Economics was awarded.
