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The Nobel in Economics to Be Awarded Monday Nobel Economics Prize Goes to Ben Bernanke, Douglas Diamond and Philip Dybvig for Research on Financial Crises
(32 minutes later)
The 2022 Nobel Memorial Prize in Economic Sciences is set to be announced on Monday in Stockholm. It comes following the awarding of this year’s Nobel Prizes over the past week. The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Ben S. Bernanke, the former Federal Reserve chair, and two other academics for their research into banks and financial crises.
Douglas W. Diamond, an economist at the University of Chicago, and Philip H. Dybvig at Washington University in St. Louis won the prize alongside Mr. Bernanke, who is now at the Brookings Institution in Washington.
Mr. Bernanke in 1983 wrote a paper that broke ground in explaining that bank failures can propagate a financial crisis — rather than simply being a result of the crisis.
Mr. Diamond and Mr. Dybvig the same year wrote a paper on the risks inherent in maturity transformation — the process of turning short-term borrowing into long-term lending. Mr. Diamond also wrote about how banks monitor their borrowers, noting that knowledge about borrowers disappears upon bank failures, extending the consequences of the upheaval.
“The laureates have provided a foundation for our modern understanding of why banks are needed, why they’re vulnerable, and what to do about it,” said John Hassler, an economist at the Institute for International Economic Studies at Stockholm University and a member of the prize committee.
The economics award, among the highest honors in the field, is not, technically, a Nobel Prize. It is called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel because it wasn’t among the original categories that Alfred Nobel set out in his will in 1895. It is funded by Sweden’s central bank and has been given out only since 1969, though the Nobel committee promotes it and lists it on its website.The economics award, among the highest honors in the field, is not, technically, a Nobel Prize. It is called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel because it wasn’t among the original categories that Alfred Nobel set out in his will in 1895. It is funded by Sweden’s central bank and has been given out only since 1969, though the Nobel committee promotes it and lists it on its website.
The awarding of last year’s Nobel for economics was bittersweet, because much of the research featured in the prize announcement was co-written by Alan B. Krueger, a Princeton University economist and former White House adviser who died in 2019. The Nobels are not typically awarded posthumously.The awarding of last year’s Nobel for economics was bittersweet, because much of the research featured in the prize announcement was co-written by Alan B. Krueger, a Princeton University economist and former White House adviser who died in 2019. The Nobels are not typically awarded posthumously.
Despite that note of sadness, the three recipients — David Card, Joshua D. Angrist and Guido W. Imbens — were celebrated for their work in changing the way that labor markets in particular are studied.Despite that note of sadness, the three recipients — David Card, Joshua D. Angrist and Guido W. Imbens — were celebrated for their work in changing the way that labor markets in particular are studied.
Mr. Card’s work has challenged conventional wisdom in labor economics, including the idea that higher minimum wages led to lower employment. He has also researched the effect of an influx of immigrants on employment levels among local workers with low education levels — again finding the impact to be minimal — and the effect of school resource levels on student education, which was larger than expected.Mr. Card’s work has challenged conventional wisdom in labor economics, including the idea that higher minimum wages led to lower employment. He has also researched the effect of an influx of immigrants on employment levels among local workers with low education levels — again finding the impact to be minimal — and the effect of school resource levels on student education, which was larger than expected.
Mr. Angrist and Mr. Krueger tried in the early 1990s to gauge how much benefit people derive from extra years of education. To figure it out, they took advantage of the fact that students born earlier in the year can legally leave school earlier than those born later in the year. Those born earlier tended to get less education and also earned less later on.Mr. Angrist and Mr. Krueger tried in the early 1990s to gauge how much benefit people derive from extra years of education. To figure it out, they took advantage of the fact that students born earlier in the year can legally leave school earlier than those born later in the year. Those born earlier tended to get less education and also earned less later on.
That study helped spur the additional work on research methods that Mr. Angrist and Mr. Imbens later carried out. The pair showed that it was possible to identify a clear effect from an intervention in people’s behavior — like a subsidy that might encourage people to ride bicycles to work — even if a researcher could not control who took part in the experiment, and even if the impact varied across individuals.That study helped spur the additional work on research methods that Mr. Angrist and Mr. Imbens later carried out. The pair showed that it was possible to identify a clear effect from an intervention in people’s behavior — like a subsidy that might encourage people to ride bicycles to work — even if a researcher could not control who took part in the experiment, and even if the impact varied across individuals.
The Nobel Peace Prize was awarded to Memorial, a Russian organization; Ales Bialiatski, a jailed Belarusian activist; and the Center for Civil Liberties in Ukraine. All are rights advocates who have become symbols of resistance and accountability at a time when Russia’s invasion of Ukraine has set off the largest ground war in Europe since World War II.The Nobel Peace Prize was awarded to Memorial, a Russian organization; Ales Bialiatski, a jailed Belarusian activist; and the Center for Civil Liberties in Ukraine. All are rights advocates who have become symbols of resistance and accountability at a time when Russia’s invasion of Ukraine has set off the largest ground war in Europe since World War II.
The Nobel Prize in Literature was awarded to the French writer Annie Ernaux. Ms. Ernaux’s work, which has been heavily autobiographical, has described her upbringing in a small town in Normandy, an illegal abortion she had the 1960s, her dissatisfaction with domestic life, and a passionate extramarital affair.The Nobel Prize in Literature was awarded to the French writer Annie Ernaux. Ms. Ernaux’s work, which has been heavily autobiographical, has described her upbringing in a small town in Normandy, an illegal abortion she had the 1960s, her dissatisfaction with domestic life, and a passionate extramarital affair.
The Nobel Prize in Chemistry was awarded to Carolyn R. Bertozzi of Stanford University, Morten Meldal of the University of Copenhagen and K. Barry Sharpless of Scripps Research, three scientists whose work harnessed the power of molecular interaction and introduced new ways of studying the natural world.The Nobel Prize in Chemistry was awarded to Carolyn R. Bertozzi of Stanford University, Morten Meldal of the University of Copenhagen and K. Barry Sharpless of Scripps Research, three scientists whose work harnessed the power of molecular interaction and introduced new ways of studying the natural world.
The Nobel Prize in Physics was awarded to John Clauser, of J.F. Clauser and Associates in Walnut Creek, Calif.; Alain Aspect of the Institut d’Optique in Palaiseau, France; and Anton Zeilinger of the University of Vienna in Austria. The three scientists had explored the foundations of quantum mechanics in their independent works.The Nobel Prize in Physics was awarded to John Clauser, of J.F. Clauser and Associates in Walnut Creek, Calif.; Alain Aspect of the Institut d’Optique in Palaiseau, France; and Anton Zeilinger of the University of Vienna in Austria. The three scientists had explored the foundations of quantum mechanics in their independent works.
The Nobel Prize in Physiology or Medicine was awarded to Svante Pääbo, a Swedish scientist who peered back into human history by retrieving genetic material from 40,000-year-old bones.The Nobel Prize in Physiology or Medicine was awarded to Svante Pääbo, a Swedish scientist who peered back into human history by retrieving genetic material from 40,000-year-old bones.