2022 Nobel Memorial Prize in Economic Sciences

rdf:langString 2022 Nobel Memorial Prize in Economic Sciences

rdf:langString 20pxThe 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel

rdf:langString Bernanke , Diamond, and Dybvig "for research on banks and financial crises."

rdf:langString Sweden

rdf:langString The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition, stating: "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. An important finding in their research is why avoiding bank collapses is vital." Ben Bernanke's key contributions were his research on the role of bank crises in the Great Depression of the 1930s and his response to the 2007–2008 financial crisis as head of the US Federal Reserve. Douglas Diamond and Philip Dybvig’s, on the other hand, was on the development of their Diamond–Dybvig model of bank runs.