The ex-Fed chief was awarded the Nobel Prize in Economics on Monday.
(Photo: AP)
Stockholm This year’s Nobel Prize in Economics goes to the three US economists Ben Bernanke, Douglas Diamond and Philip Dybvig. This was announced by the Royal Swedish Academy of Sciences on Monday in Stockholm.
“This year’s awardees have greatly enhanced our understanding of the role of banks in the economy, particularly during financial crises,” the Academy said. An important insight from her research is why avoiding bank failures is so important. “Their analyzes were of great practical importance for the regulation of financial markets and the management of financial crises.”
Last year, the US-based economists David Card, Joshua Angrist and Guido Imbens were honored with the prestigious award. All Nobel prizes this year are again endowed with ten million Swedish crowns. That’s the equivalent of almost 920,000 euros at the moment.
The Nobel Prize in Economic Sciences is the only one of the Nobel Prizes that does not go back to the will of Alfred Nobel (1833-1896), inventor of the dynamite and founder of the prize. It has been donated by the Swedish Reichsbank since the late 1960s and is therefore not, strictly speaking, one of the classic Nobel Prizes. Nevertheless, like the other Nobel prizes, it will be ceremoniously presented on the anniversary of Nobel’s death, December 10th.
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So far, scientists from the USA have been particularly frequently awarded with it. The Bonn scientist Reinhard Selten has been the only winner of the Nobel Prize in Economics from Germany. He shared the 1994 award with John Nash and John Harsanyi for their seminal contributions to non-cooperative game theory.
More to come.