Ben Bernanke

The Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022 to Bernanke, Douglas Diamond and ...

He became economics department chair in 1996 and also was named the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs that same year. He recalled recruiting Bernanke as “this young kid out of Stanford Business School,” remarking that he was a “superstar” even as a graduate student. Bernanke was a member of the Federal Reserve Board starting in 2002 and served as its chair from 2006 to 2014, helping shape and guide economic and monetary policy. He earned his bachelor’s degree in economics from Harvard in 1975 and a Ph.D. In 1994, he was named the Class of 1926 Professor of Economics and Public Affairs. More broadly, his research demonstrates the importance of the financial sector for propagating and amplifying economic crisis, a view that was vindicated during the financial crisis from 2007-08 and the following Great Recession.” He and James discovered that those countries where the gold standard prevailed, which meant they had inflationary and monetary contractions, suffered the most in terms of output and employment. … I am very happy to be sharing this prize with Douglas Diamond and Phil Dybvig, whose work on bank runs was very seminal, had a big impact on me in the early ’80s when I was working on these issues.” “The three authors were instrumental in shaping our understanding of financial intermediation and its connection to macroeconomic fluctuations. The Nobel Committee wrote: “Their analyses have been of great practical importance in regulating financial markets and dealing with financial crises. “All of us at Princeton know Ben Bernanke to be not only a marvelous scholar but also a generous teacher, beloved colleague, and devoted University citizen,” said Princeton President Christopher L. “By using his path-breaking research, extensive learning, and practical wisdom to help lead America through a difficult financial crisis, Ben has exemplified brilliantly Princeton’s commitment to be ‘in the nation’s service.’ The Princeton community joins in congratulating him enthusiastically on this extraordinary and well-deserved honor.”

Ben Bernanke, who earned his PhD from MIT in 1979, has been named a co-winner of the 2022 Nobel Prize in economic sciences.

Federal Reserve Board in 2002, and then serving from 2005 to 2006 as chair of the President’s Council of Economic Advisers under President George W. Diamond, an economics professor at the University of Chicago Booth School of Business, and Philip H. Federal Reserve during the economic and financial-sector crisis of 2008-2009, has been awarded a share of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022, the Royal Swedish Academy of Sciences announced today.