The former chair of the U.S. Federal Reserve, Ben S. Bernanke, and two U.S.-based economists, Douglas W. Diamond and Philip H. Dybvig, win the Nobel Prize in economics “for research on banks and financial crises.”
Bernanke, 68, who is now with The Brookings Institution in Washington, D.C., examined the Great Depression of the 1930s, showing how dangerous bank runs — when panicked savers withdraw their deposits — can be.
“The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts,” said Tore Ellingsen, chair of the Committee for the Prize in Economic Sciences. 2022 Nobel Economics Prize laureats Ben Bernanke, Douglas Diamond and Philip Dybvig are seen on a display during a press conference to announce the winners of the 2022 Sveriges Riksbank Prize in Economic Sciences in Stockholm, on Oct. 10, 2022.
Bernanke, then head of the Fed, teamed up with the Treasury Department to prop up major banks and ease a shortage of credit, the lifeblood of the economy. They also pushed long-term interest rates to historic lows and led to fierce criticism of Bernanke, particularly from some 2012 Republican presidential candidates, that the Fed was hurting the value of the dollar and running the risk of igniting inflation later.
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