The former chair of the U.S. Federal Reserve, Ben S. Bernanke, and two U.S.-based economists, Douglas W. Diamond and Philip H. Dybvig, win the Nobel Prize in economics “for research on banks and financial crises.”
Bernanke, 68, who is now with The Brookings Institution in Washington, D.C., examined the Great Depression of the 1930s, showing how dangerous bank runs — when panicked savers withdraw their deposits — can be.
“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” said Tore Ellingsen, chair of the Committee for the Prize in Economic Sciences. 2022 Nobel Economics Prize laureats Ben Bernanke, Douglas Diamond and Philip Dybvig are seen on a display during a press conference to announce the winners of the 2022 Sveriges Riksbank Prize in Economic Sciences in Stockholm, on Oct. 10, 2022.
Bernanke, then head of the Fed, teamed up with the Treasury Department to prop up major banks and ease a shortage of credit, the lifeblood of the economy. They also pushed long-term interest rates to historic lows and led to fierce criticism of Bernanke, particularly from some 2012 Republican presidential candidates, that the Fed was hurting the value of the dollar and running the risk of igniting inflation later.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nobel Prize in economics awarded to Ben S. Bernanke, Douglas W. Diamond and Philip H. DybvigBREAKING: The Nobel Prize in economics was awarded to Ben Bernanke, Douglas W. Diamond and Philip H. Dybvig on Monday for their research on banks and financial crises.
Read more »
Nobel Panel to Announce Winner of Economics PrizeThe winner, or winners, of this year’s Nobel Prize for economics will be announced Monday at the Royal Swedish Academy of Sciences, in Stockholm.
Read more »
Nobel prize in physics awarded to pioneers of quantum informationAlain Aspect, John F. Clauser and Anton Zeilinger share the 2022 Nobel prize in physics for their work pioneering the field of quantum information
Read more »
Nobel Economics Prize Awarded to U.S.-Based Economists Including Bernanke for Work on Financial CrisesU.S.-based economists Ben Bernanke, Douglas Diamond and Philip Dybvig win the Nobel prize in economic sciences for research on banks and financial crises.
Read more »
3 US-based economists given Nobel Prize for work on banksThe winner, or winners, of this year’s Nobel Prize for economics will be announced Monday at the Royal Swedish Academy of Sciences, in Stockholm.
Read more »
3 US-Based Economists Given Nobel Prize for Work on BanksThis year’s Nobel Prize in economic sciences has been awarded to three U.S.-based economists “for research on banks and financial crises.” The award to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig was announced Monday by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm. Nobel prizes carry a cash award of 10 million Swedish kronor (nearly $900,000) and will be handed out on Dec. 10. Unlike the other prizes, the economics award wasn’t established in Alfred Nobel’s will of 1895 but by the Swedish central bank in his memory.
Read more »