American economist Ben S. Bernanke was awarded the 2022 Sveriges Riksbank Prize in Economic Sciences on Monday. Bernanke shared the Nobel Prize with Douglas W. Diamond and Philip H. Dybvig.
The Royal Swedish Academy of Sciences decided to award the trio for their “research on banks and financial crises.”
“The research presented by this year’s laureates in economic sciences reduces the risk of financial crises developing into long-term depressions with severe consequences for society, which is of the greatest benefit to us all,” the committee wrote on Twitter.
“The work for which Ben Bernanke, Douglas Diamond and Philip Dybvig are being recognised has been crucial to subsequent research that has enhanced our understanding of banks, bank regulation, banking crises and how financial crises should be managed.”
Who is Ben S. Bernanke?
Ben Bernankes served as the 14th chairman of the Federal Reserve from 2006 to 2014. He later started working as a fellow at the Brookings Institution.
As chairman, Bernanke oversaw the Federal Reserve’s response to the late-2000s financial crisis. He was named the 2009 Time Person of the Year for his work with the Federal Reserve.
Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002.
From August 5, 2002, until June 21, 2005, he was a member of the Board of Governors of the Federal Reserve System, proposed the Bernanke doctrine, and first discussed “the Great Moderation.”
The 68-year-old served as chairman of President George W. Bush’s Council of Economic Advisers before Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve.
His first term began February 1, 2006. Bernanke was confirmed for a second term as chairman on January 28, 2010, after being renominated by President Barack Obama, who later referred to him as “the epitome of calm.”
His second term ended January 31, 2014, when he was succeeded by Janet Yellen on February 3, 2014.
Bernanke wrote about his time as chairman of the Federal Reserve in his 2015 book, The Courage to Act. In the book, he talked about the world’s economy came close to collapse in 2007 and 2008.