October 11, 2022 | Investopaper
Three economists will receive this year’s Nobel Prize in Economics.
The Royal Swedish Academy of Sciences’ prize selection committee has announced that the Nobel Prize in Economics will be awarded to Douglas W. Diamond and Philip H. Dybvig, along with Ben Bernanke, the former chairman of the US Federal Reserve Bank, for their research on banking and the financial crisis.
According to the Noble Academy, these three economists have done very important research on the role of banks in the financial crisis and have also given measures for improvement.
Ben Bernanke led the US central bank during the 2008 financial crisis. Bernanke, who was appointed by the then President George W. Bush, was continued by the then President Barack Obama.
Douglas is an economist at the University of Chicago, while Philip is at the University of Washington.
Douglas is considered an expert on financial intermediation, financial crises and liquidity, and he received his PhD in economics from Yale University in 1980.
In addition, Philip also received his master’s degree and MPhil in economics from Yale University. He received his PhD in Economics from Yale University in 1979.
These economists did a lot of research on how the economy of the nation collapses due to the collapse of banks and financial institutions, how to utilize the investment of savers, how to manage loans, etc.