- Former Federal Reserve Chair Ben Bernanke, Douglas Diamond, and Philip Dybvig were awarded the Nobel Prize in economics on Monday for their work on banks and financial crises.
- Bernanke, who led the US central bank during the 2008 global financial crisis, received the award for his research on the Great Depression. His work showed that bank runs were a decisive reason the crisis became so severe and entrenched.
- “People had seen that banks fail, but it was more thought [of] as a consequence of the crisis rather than [a] cause of the crisis,” economist John Hassler said.
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Nobel Prize In Economics Awarded To Trio Including Ben Bernanke
