Ben Bernanke, former Princeton professor and economics department chair, receives Nobel Prize in economic sciences

By Denise Valenti

Benjamin Bernanke
Benjamin Bernanke PHOTO BY DENISE APPLEWHITE

Ben Bernanke, a Princeton professor of economics and public affairs from 1985 to 2002, chairman of the economics department from 1996 to 2002, and founder of the Bendheim Center for Finance, is among three winners sharing this year’s Nobel Prize in economic sciences.

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 Philip Dybvig for significantly improving “our understanding of the role of banks in the economy, particularly during financial crises.” The prize amount is 10 million Swedish kroner, about $900,000, divided among the recipients. The three laid the foundation of modern banking research in the 1980s. Their work clarifies why we have banks, how to make them less vulnerable in crises, and how bank collapses exacerbate financial crises. An important finding in their research is why avoiding bank collapses is vital.

Ben Bernanke, a Princeton professor of economics and public affairs from 1985 to 2002, chairman of the economics department from 1996 to 2002, and founder of the Bendheim Center for Finance, is among three winners sharing this year’s Nobel Prize in economic sciences.

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 Philip Dybvig for significantly improving “our understanding of the role of banks in the economy, particularly during financial crises.” The prize amount is 10 million Swedish kroner, about $900,000, divided among the recipients. The three laid the foundation of modern banking research in the 1980s. Their work clarifies why we have banks, how to make them less vulnerable in crises, and how bank collapses exacerbate financial crises. An important finding in their research is why avoiding bank collapses is vital.