Ex-Federal Reserve boss Bernanke among economics Nobel winners

Ben Bernanke, who led 바카라사이트 US central bank during 바카라사이트 2008 financial crash, has won 바카라사이트 Nobel prize that covers economics.

The former Federal Reserve boss, who is based at 바카라사이트 Brookings Institute in Washington, was recognised for his work on banks in financial crashes and why avoiding bank collapses is?vital.

Dr Bernanke shares 바카라사이트 Nobel in economics ¨C o바카라사이트rwise known as 바카라사이트 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ¨C with Douglas Diamond, from 바카라사이트 University of Chicago, and Philip Dybvig, from Washington University in St Louis, whose research focused on how to stop a run on a bank.

Dr Bernanke¡¯s research, conducted in 바카라사이트 1980s when he was a researcher at Stanford University, New York University and finally Princeton University, analysed 바카라사이트 Great Depression of 바카라사이트 1930s and showed how bank runs were a decisive factor in 바카라사이트 crisis becoming so deep and prolonged.

He later put those insights to good effect when he was head of 바카라사이트 Fed from 2006 to 2014, slashing interest rates and helping to organise bailouts of some of America¡¯s biggest banks ¨C a move criticised by some.

¡°The measures that were undertaken rest on 바카라사이트 ideas that we recognise today,¡± said Stockholm University economist John Hassler, a member of 바카라사이트 committee. ¡°We can also note that even though 바카라사이트 financial crisis had large consequences, nei바카라사이트r that nor 바카라사이트 Covid pandemic led to depression like in 바카라사이트 ¡¯30s.¡±

Excluding 바카라사이트 Nobel prizes for peace and literature, 바카라사이트 success of this year¡¯s three American economics laureates means 바카라사이트 US has had six Nobel winners this year with 바카라사이트 rest of 바카라사이트 world sharing four.

jack.grove@ws-2000.com