The University of Chicago professor said the Nobel came as a surprise. “I was sleeping very soundly and then all of a sudden, off went my cellphone” with good news from the Nobel committee.
Bernanke, then head of the Fed, teamed up with the U.S. Treasury Department to prop up major banks and ease a shortage of credit, the lifeblood of the economy.
The Fed’s actions under Bernanke extended the authority of the central bank into unprecedented territory. They weren’t able to prevent the longest and most painful recession since the 1930s. But in hindsight, the Fed’s moves were credited with rescuing the banking system and avoiding another depression.
When COVID-19 slammed the U.S. economy in early 2020, the Fed, under Chair Jerome Powell, quickly cut short-term interest rates back to zero and pumped money into the financial system. The aggressive intervention — along with massive government spending — quickly ended the downturn and triggered a powerful economic recovery.
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