Diamond won the prize along with former Federal Reserve Chairman Ben Bernanke – now of the Brookings Institution – and Philip Dybvig of Washington University in St. Louis.
-- University of Chicago professor Douglas W. Diamond is one of this year's three winners of the Nobel Prize in Economics.along with former Federal Reserve Chairman Ben Bernanke – now of the Brookings Institution – and Philip Dybvig of Washington University in St. Louis. They all won the prize for their research on banks and financial crises.Nobel Prizer winner Douglas Diamond of the University of Chicago Booth School of Business photographed with wife Elizabeth Diamond on October 10, 2022.
"Professor Diamond has made extraordinary contributions to the field of economics and our collective understanding of the role financial institutions play in society, particularly in times of financial crises," University of Chicago President Paul Alivisatos said in a news release."This is a well-deserved recognition of his groundbreaking scholarship."
Diamond and Dybvig worked together to create a model showing how banks that specialize in creating liquid liabilities, or deposits, to fund illiquid assets such as business loans, might wind up being unstable in a way that leads to bank runs, the U of C said.
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