The prize is formally known as the 'Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel...
Digital Desk: The 2022 Nobel Prize in Economics was awarded to Douglas W. Diamond, Philip H. Dybvig, and Ben S. Bernanke. The trio won the prestigious award for their research on banks and financial crises.
The prize is formally known as the 'Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.'
"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," the official statement from the Nobel Committee stated.
"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," it added.
The laureates will receive their awards, a diploma, and a sum of 10 million Swedish krona ($914,447) at the official ceremony on December 10 in Stockholm, Sweden.
Prior to this, Bernanke received the 2009 Time Person of the Year award for his work with the Federal Reserve in relation to the financial crisis of the late 2000s. He served as chairman from 2006 to 2014.
In 2021, the Nobel Prize in Economics was awarded to David Card "for his empirical contributions to labour economics" and the team of Joshua D. Angrist and Guido W. Imbens "for their methodological contributions to the analysis of causal relationships."
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