Three economists receive Nobel for hotly debated work on banking and financial crises

In Politics by Michael Rae

The annual Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Ben S. Bernanke, Douglas W. Diamond, and Philip H. Dybvig on October 10, 2022, for “research on banks and financial crises.” The committee honored Bernanke’s 1983 paper that investigated bank failures through the historical lens of the Great Depression. Diamond and Dybvig were honored for work on the same topic with similar conclusions, but a very different approach–a game-theory model that attempted to explain why bank failures happen, and what they might mean in the broader economy.

Every Nobel announcement is understandably followed by media