A trio of U.S. economists including Former Federal Reserve chief Ben Bernanke won this year's Nobel Economics Prize on Monday for research on how propping up failing banks can stave off an even deeper economic crisis.
Bernanke, along with Douglas Diamond and Philip Dybvig won the 2022 price for their work starting in the early 1980s that carried practical importance in regulating financial markets and dealing with financial crises.
"Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises," the Royal Swedish Academy of Sciences said on Monday.