The Nobel Prize winners’ research took on great real-world significance when investors sent the financial system into a panic during the fall of 2008.
The Nobel Prize is widely considered one of the most prestigious awards celebrating human achievement in peace, medicine, physics, chemistry, literature and economics.This year’s Nobel Prize in economic sciences has been awarded to 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, "for research on banks and financial crises.
Diamond, 68, based at the University of Chicago, and Dybvig, 67, who is at Washington University in St. Louis, showed how government guarantees on deposits can prevent a spiraling of financial crises. 2022 Nobel Economics Prize laureates 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 Memory of Alfred Nobel at tBernanke, 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.
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