Former Federal Reserve chairman Ben Bernanke was among those awarded the Nobel Prize in Economics Monday. He is an alum of both Harvard and MIT:
Former Federal Reserve chairman Ben Bernanke was awarded the Nobel Prize in Economics Monday, along with economists Douglas Diamond and Philip Dybvig, for their research on bank runs and measures to prevent them.Bernanke, who's now at the Brookings Institution, was recognized for his research on the role of bank failures in deepening and prolonging the Great Depression in the 1930s.
Banks help to foster a more productive economy by channeling excess cash from depositors to borrowers in need of money to build homes and factories and businesses. "If a rumor starts that people are going to take out their money from the bank, then everyone has an incentive to rush to the bank to take out money in time and not come last in line," John Hassler of the Royal Swedish Academy of Sciences explained in announcing the prize."This can create failing banks."
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nobel economics prize awarded to former Fed chair Ben Bernanke, 2 other AmericansThe Nobel Prize winners’ research took on great real-world significance when investors sent the financial system into a panic during the fall of 2008.
Read more »
Former Fed chair Ben Bernanke shares Nobel Prize in economics for research on banksFormer U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007-2008 financial crisis, won the Nobel Priz…
Read more »
Nobel Prize in economics awarded to trio including Ben Bernanke for work on financial crises | CNN BusinessFormer 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.
Read more »
Former Fed chief Bernanke and two others share Nobel economics prizeFormer Federal Reserve Chair Ben Bernanke and two others were awarded the Nobel economics prize for their research into how banks operate during financial...
Read more »
Ben Bernanke among 3 American winners of Nobel Prize in economicsFormer Fed chairman Ben Bernanke has won the Nobel Prize in economics — along with economists Douglas Diamond and Philip Dybvig — for their research on bank runs and measures to prevent them.
Read more »
Why former Fed chief Bernanke and two others won the Nobel economics prizeFormer Fed Chair Ben Bernanke showed that the main cause of the economic downturn was the decline in the banking system’s ability to channel savings into productive investments, the Nobel Prize committee said.
Read more »