Nobel Prize in economics awarded for financial crises research

The Nobel Prize in economics was awarded to Ben Bernanke, Douglas Diamond and Philip Dybvig on Monday for their research on banks and financial crises.

The Brookings Institute, served as chair of the Federal Reserve from 2006 to 2014

Diamond is a professor at The University of Chicago. Dybvig is a professor at Washington University in St. Louis.

Winners receive 10 million Swedish kronor, about $911,765

The previous Nobel Prize in economics, for 2021, went to two sets of winners: David Card as well as Joseph Angrist and Guido Imbens.

The winners of this year's prizes will be invited to receive them in Stockholm

Sweden on December 10, which marks the anniversary of Nobel's death in 1896