The Nobel Prize was awarded to former U.S. Federal Reserve Chair Ben Bernanke, Douglas W. Diamond and Philip Dybvig on Monday for research that shows “why avoiding bank collapses is vital.”
| October 10, 2022 12:14 pm
Their findings in the early 1980s laid the foundations for regulating financial markets, the panel said. When it comes to the global economic turmoil created by the COVID-19 pandemic and Russia’s war in Ukraine, the financial system is “much, much less vulnerable” to crises because of memories of the 2000s collapse and improved regulation, Diamond said in a call with the Nobel panel.
The Fed also pushed long-term interest rates to historic lows, which led to fierce criticism of Bernanke, particularly from some 2012 Republican presidential candidates who said the Fed was hurting the value of the dollar and running the risk of igniting inflation later. In a groundbreaking 1983 paper, Bernanke explored the role of bank failures in deepening and lengthening the Great Depression of the 1930s.
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