STOCKHOLM — Three economists – including former U.S. Federal Reserve Chairman Ben Bernanke – have won this year’s Nobel Memorial Prize in Economic Sciences.
According to The Associated Press, the Royal Swedish Academy of Sciences announced Monday that Bernanke, Douglas W. Diamond and Philip H. Dybvig, who are all based in the United States, won the award for their “research on banks and 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
“This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises,” the academy said in a news release. “An important finding in their research is why avoiding bank collapses is vital.”
The research presented by this year’s laureates in economic sciences reduces the risk of financial crises developing into long-term depressions with severe consequences for society, which is of the greatest benefit to us all. #NobelPrize
— The Nobel Prize (@NobelPrize) October 10, 2022
The economics award was the last of the Nobel Prizes to be awarded this year. The other 2022 prize recipients include the following:
- Physiology or medicine: Svante Paabo for his research on human evolution;
- Physics: Alain Aspect, John F. Clauser and Anton Zeilinger for their work in quantum information science;
- Chemistry: Carolyn R. Bertozzi, Morten Meldal and K. Barry Sharpless for their work in “click chemistry” and “bioorthogonal chemistry”;
- Literature: Annie Ernaux for her books that blend fiction with autobiography;
- Peace: Belarus activist Ales Bialiatski, Russian human rights group Memorial and the Ukrainian Center for Civil Liberties organization.
Each prize includes an award of 10 million Swedish kronor, or about $900,000, according to the AP.
– The Associated Press contributed to this report.
©2022 Cox Media Group
