The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 to Ben S. Bernanke (The Brookings Institution, Washington DC, USA), Douglas W. Diamond (University of Chicago, IL, USA), and Philip H. Dybvig (Washington University in St. Louis, MO, USA) "for research on banks and financial crises".
Modern banking research clarifies why we have banks, how to make them less vulnerable in crises and how bank collapses exacerbate financial crises. The foundations of this research were laid by Ben Bernanke, Douglas Diamond and Philip Dybvig in the early 1980s. Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises.
