Fed Ex Chairman, two other economists win Nobel prize for research on banks and financial crisis

Ex-chairman of Federal Reserve, Ben Bernanke, and two other US-based economists, Douglas Diamond and Philip Dybvig have been awarded the Nobel prize in economic sciences for 2022 for their research on banks and financial crises.

Douglas and Philip are both professors at University of Chicago Booth School of Business and Olin Business School of Washington University in St. Louis respectively. Ben served the Fed between 2006 and 2014 as the chairman.

The Nobel committee said that their work in 1980 had significantly improved our understanding of the role of banks in the economy, particularly during financial crises and how to regulate banks. The committee also added that their work proved to be invaluable at the time of the financial crisis faced by the world during 2008-09 and Covid-19 pandemic.

The winners of the Sveriges Riksbank Prize, the official name of the category, in Economic Sciences in Memory of Alfred Nobel, are entitled to receive 10 million Swedish Krona or US$ 883,000 in total. The amount will be split among the three.

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