This year’s Nobel Prize in Economics goes to three American economists Ben Bernanke (68), Douglas Diamond (68), and Philip Dybvig (67). This was announced by the Royal Swedish Academy of Sciences in Stockholm on Monday.
As Academy Secretary General Hans Ellegren said in the university announcement, Bernanke, the former Chairman of the Federal Reserve, and two other economists will receive the prestigious award “for their research on banks and financial crises.” campus in the Swedish capital.
Financial Crisis Manager
Ben Bernanke chaired the Federal Reserve from 2006 to 2014 and led the United States through the financial crisis. His experience as a crisis manager has been transferred to research work, which is now awarded the highest scientific honor.
That means all Nobel Prize winners have been announced for this year. The names of the winners in the medicine, physics, chemistry, literature and peace categories were announced gradually last week.
Nobel Prizes are traditionally awarded in a ceremony on December 10, the anniversary of the death of prize donor and inventor of dynamite Alfred Nobel (1833-1896). All Nobel prizes this year were again awarded ten million Swedish crowns. This is the equivalent of almost 915,000 Euros at the moment.
Nobel Prize in Economics does not return to Nobel
The Nobel Prize in Economic Sciences is the only Nobel Prize that did not return to Nobel’s will. It has been donated by the Swedish Reichsbank since the late 1960s and is therefore certainly not one of the classic Nobel Prizes. Last year, US-based economists David Card, Joshua Angrist and Guido Imbens were awarded the prestigious award.
In general, the Nobel Prize in Economics is usually awarded to economists who come from or do research there. So far, the only German Bonn scientist to win an award in this category has been Reinhard Selten: in 1994 he received the award for groundbreaking contributions to non-cooperative game theory, together with John Nash and John Harsanyi. (SDA/koh)