STOCKHOLM — This year’s Nobel Prize in Economic Sciences has been awarded to former US Federal Reserve Chairman Ben S. Bernanke and two US-based economists, Douglas W. Diamond and Philip H. Dybvig, “for research on banks and financial crises ».
The award was announced on Monday by the Nobel committee at the Royal Swedish Academy of Sciences in Stockholm.
The committee said their work showed in their investigation “why it is vital to avoid bank failures”.
The Nobel Prizes carry a prize money of 10 million Swedish kroner (almost $900,000) and will be awarded on December 10.
Unlike the other prizes, the economics prize was not established in Alfred Nobel’s 1895 will but by the Swedish central bank in his memory. The first winner was chosen in 1969.
Read more: Why Ales Bialiatski won the 2022 Nobel Peace Prize
Last year, half the prize went to David Card for his research on how the minimum wage, immigration and education affect the labor market. The other half was shared by Joshua Angrist and Guido Imbens for suggesting how to study topics that don’t fit easily with traditional scientific methods.
A week of Nobel Prize announcements began on October 3 with Swedish scientist Svante Paabo receiving the prize in medicine for unlocking the secrets of Neanderthal DNA that provided key insights into our immune system.
Three scientists jointly won the prize in physics on Tuesday. The Frenchman Alain Aspect, the American John F. Clauser and the Austrian Anton Zeilinger had shown that tiny particles can maintain a connection with each other even when separated, a phenomenon known as quantum entanglement, which can be used for specialized computers and information encryption.
Read more: What the Nobel Peace Prize-winning Ukrainian Human Rights Group wants from the West
The Nobel Prize in Chemistry was awarded Wednesday to Americans Carolyn R. Bertozzi and K. Barry Sharpless and Danish scientist Morten Meldal for developing a way of “assembling molecules” that can be used to explore cells, map DNA and design drugs that they can more precisely target diseases such as cancer.
French author Annie Ernaux won this year’s Nobel Prize for Literature on Thursday. The panel praised her for mixing fiction and autobiography in books that fearlessly mine her experiences as a working-class woman to explore life in France since the 1940s.
The Nobel Peace Prize was awarded to jailed Belarusian human rights activist Ales Bilyatsky, the Russian group Memorial and the Ukrainian organization Center for Civil Liberties on Friday.
More must-read stories from TIME