For research on financial crises: Ex-Fed boss Bernanke receives Nobel prize for economics

For research on financial crises
Ex-Fed chief Bernanke wins Nobel Prize in Economics

With the presentation of this year’s Nobel Prize for Economics, the Royal Swedish Academy of Sciences caused a sensation: three economists were honored for their research on banks and financial crises, including the former head of the US Federal Reserve, Ben Bernanke.

This year’s Alfred Nobel Memorial Prize in Economics goes to former Federal Reserve Chairman Ben Bernanke, among others. Together with him, the economists Douglas Diamond and Philip Dybvig are honored for their research on the subject of banks and financial crises. This is announced by the Royal Swedish Academy of Sciences.

From 2006 to 2014, Bernanke headed the world’s most important central bank, the US Federal Reserve (Fed). The US banking and world financial crisis fell during his term of office, during which the Fed and other central banks completely realigned their monetary policy.

This means that all Nobel Prize winners for this year have been announced. The names of the winners in the categories medicine, physics, chemistry, literature and peace had already been announced over the past week. The Nobel Prizes are traditionally presented at a ceremony on December 10th, the anniversary of the death of the prize donator and inventor of dynamite, Alfred Nobel. All Nobel prizes this year are again endowed with ten million Swedish crowns. Converted that is currently almost 915,000 euros.

The Nobel Prize in Economic Sciences is the only one of the Nobel Prizes that does not go back to Nobel’s will. It has been donated by the Swedish Reichsbank since the late 1960s and is therefore not, strictly speaking, one of the classic Nobel Prizes.

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