Nobel Prize In Economics Awarded To Trio Including Ben Bernanke

  • 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.