Former Fed Chair Ben Bernanke and a University of Chicago professor won a Nobel Prize for their research on banks.
A University of Chicago professor and former U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007-2008 financial crisis, won the Nobel Prize in economic sciences for their research into the fallout from bank failures.
Bernanke, 68, who was Fed chair from early 2006 to early 2014 and is now with the Brookings Institution in Washington, examined the Great Depression of the 1930s, showing the danger of bank runs - when panicked people withdraw their savings - and how bank collapses led to widespread economic devastation. Before Bernanke, economists saw bank failures as a consequence, not a cause, of economic downturns.
The trio's research took on real-world significance when investors sent the financial system into a panic during fall 2008. 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.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Nobel Prize in economics awarded to Ben S. Bernanke, Douglas W. Diamond and Philip H. DybvigBREAKING: The Nobel Prize in economics was awarded to Ben Bernanke, Douglas W. Diamond and Philip H. Dybvig on Monday for their research on banks and financial crises.
Lire la suite »
Nobel Prize in economics awarded for financial crises researchThe 2022 winner is the 90th recipient of the Nobel Prize in economic sciences.
Lire la suite »
Nobel Economics Prize Awarded to U.S.-Based Economists Including Bernanke for Work on Financial CrisesU.S.-based economists Ben Bernanke, Douglas Diamond and Philip Dybvig win the Nobel prize in economic sciences for research on banks and financial crises.
Lire la suite »
Former Fed chair Ben Bernanke shares Nobel Prize in economics for research on banksFormer U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007-2008 financial crisis, won the Nobel Priz…
Lire la suite »
How to Watch the Chicago Marathon LiveFull coverage of the 2022 Bank of America Chicago Marathon on Sunday, Oct. 9.
Lire la suite »