Nobel prize 2022 for economics has been awarded to Ben Bernanke, Douglas Diamond and Philip Dybvig, according to an official release issued by a Nobel Committee .
The Royal Swedish Academy of Sciences has awarded these three laureates with the Nobel prize “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 release said.
Bernanke was the US Federal Reserve chairman from 2006 to 2014. After leaving the Fed, he was appointed a distinguished fellow at the Brookings Institute in Washington, D.C. Diamond is a professor at the University of Chicago Booth School of Business, and Dybvig is a professor at the Olin Business School of Washington University in St. Louis.
The winners of the prize — officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — receive 10 million Swedish krona or USD 883,000 each.
The Nobel Economic Sciences Prize Committee recommends the names of candidates and the Royal Swedish Academy of Sciences select the winners from that list.
