3 economists share 2022 Nobel Prize in Economics

The Royal Swedish Academy of Sciences on Monday 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.”

Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014.

Ben S. Bernanke

After leaving the Fed, he was appointed a distinguished fellow at the Brookings Institution.

During his tenure as chairman, Bernanke oversaw the Federal Reserve’s response to the late-2000s financial crisis, for which he was named the 2009 Time Person of the year.

Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University, and chaired the departments of economics there from 1996 to September 2002, when he went on public service leave.

Diamond is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.

He specialises in the study of financial intermediaries, financial crises, and liquidity.

He is a former president of the American Finance Association and the Western Finance Association, a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association.

Diamond is best known for his work on financial crises and bank runs, particularly the influential Diamond-Dybvig model published in 1983 and the Diamond model of delegated monitoring published in 1984.

He was listed by Thompson Reuters as one of the “researchers likely to be in contention for Nobel honours based on the citation impact of their published research”.

In 2016, he was awarded the CME Group-MSRI Prize in Innovative Quantitative Applications.

Douglas W. Diamond

Dybvig is an American economist. He is the Boatmen’s Bancshares Professor of Banking and Finance at the Olin Business School of Washington University in St. Louis.

Dybvig specialises in Asset Pricing, Investments, and Corporate Governance.

He was formerly a professor at Yale University, and assistant professor at Princeton University.

Dybvig was president of the Western Finance Association from 2002 to 2003, and has been editor or associate editor of multiple journals, including the Review of Financial Studies, Journal of Economic Theory, Finance and Stochastics, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, and Review of Financial Studies.

Dybvig is known for his work with Douglas Diamon on the Diamond-Dybvig model of bank runs. (Xinhua/NAN)