Nobel Prize 2022: For their studies on banks and financial crises, Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig were awarded the 2022 Nobel Prize in Economics.
The three laureates increased understanding of the function of banks in the economy, particularly during financial crises
The three laureates, according to the committee, have considerably increased our understanding of the function of banks in the economy, particularly during financial crises. They also made a crucial discovery in their research that highlights the importance of preventing bank failures.
“The purpose of banks, how to make them less vulnerable in crises, and how bank failures worsen financial crises are all made clear by contemporary banking research. Ben Bernanke, Douglas Diamond, and Philip Dybvig laid the groundwork for this study in the early 1980s. In terms of managing financial crises and regulating the financial markets, their findings have been of tremendous practical use” the Nobel prize was announcement read.
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About this Prize
In honor of Alfred Nobel, the Sveriges Riksbank Prize in Economic Sciences is given. The Sveriges Riksbank founded the award in 1968, and the Royal Swedish Academy of Sciences was granted the responsibility of choosing the Laureates in Economic Sciences, starting in 1969, despite Alfred Nobel not making mention of the economics prize in his will.
Joshua D. Angrist, Guido W. Imbens, and David Card received the 2021 Economic Nobel Prize. David Card received half of the award for his empirical contributions to labour economics, and Joshua D. Angrist and Guido W. Imbens shared the remaining half for their methodological contributions to the study of causal linkages.
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Following the Nobel Peace Prize, which was awarded to human rights activists from Belarus, Russia, and Ukraine, comes the announcement of the Economic Nobel. Ales Bialiatski, a Belarusian human rights activist, Memorial, a Russian human rights organisation, and Center for Civil Liberties, a Ukrainian human rights organisation, were each awarded the Nobel Peace Prize.
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