Three US-based economists win Nobel Prize for their work on banks and financial crisis
The award was presented to Ben S Bernanke, Douglas W Diamond, and Philip H Dybvig.
Three economists from the United States were awarded the Nobel Prize for economics on Monday for their research on banks and financial crises.
The Royal Swedish Academy of Sciences, which presents the Nobel Prize for economics every year, said that the economists Ben S Bernanke, Douglas W Diamond, and Philip H Dybvig significantly improved the understanding of the role of banks in the economy, particularly during financial crises.
BREAKING NEWS:
— The Nobel Prize (@NobelPrize) October 10, 2022
The Royal Swedish Academy of Sciences has decided to award the 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig “for research on banks and financial crises.”#NobelPrize pic.twitter.com/cW0sLFh2sj
“Their discoveries improved how society deals with financial crises,” the academy said. “An important finding in their research is why avoiding bank collapses is vital.”
This was the last Nobel Prize to be awarded this year. The Nobel Prize winners for peace, literature, medicine, chemistry and physics were announced last week.
Last year, one-half of the award was presented to David Card of the University of California at Berkeley, while the other half was shared by Joshua Angrist from the Massachusetts Institute of Technology and Guido Imbens from Stanford University.
The three were given the award for their research about the use of “natural experiments” on the impact of minimum wage, immigration and education on the labour market.
