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Young Financial Academy Bank Mega – From left, members of the Royal Swedish Academy of Sciences Tor Ellingsson, Hans Elegren and John Hassler announce the 2022 Sveriges Riksbank Economics Prize in memory of Alfred Nobel during a press conference at the Royal Swedish Academy of Sciences in Stockholm, Sweden. Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybwig, left to right, were awarded the 2022 Nobel Prize in Economics on Monday, October 10, 2022. (Anders Wiklund/TT News Agency via AP)

Former Federal Reserve Chairman Ben Bernanke and two other US economists won the Nobel Prize for work that drew lessons from bank failures, the Great Depression and helped shape America’s aggressive response to the 2007-2008 financial crisis.

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A Nobel panel at the Royal Swedish Academy of Sciences on Monday named Bernanke, Douglas W. Diamond and Philip Dybvig to study “why avoiding bank failures is so important.”

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“Financial crises and recessions are the worst things that can happen to an economy,” said John Hassler of the Economics Awards Committee. “We need to understand the mechanisms behind them and what to do about it. This year’s winners deliver.”

Bernanke, 68, studied the Great Depression of the 1930s as a professor at Stanford University, pointing out the dangers of running banks as panicked people withdrew their deposits and how bank failures could lead to economic collapse. He was Chairman of the Federal Reserve Board from early 2006 to early 2014 and is currently at the Brookings Institution in Washington.

Diamond, 68, of the University of Chicago and St. Dybvig, 67, of Washington University in Louis, has shown that government guarantees of deposits can prevent a financial crisis from escalating.

“Perhaps what’s most encouraging to us is that policymakers seem to really understand it, and the understanding we have can be used in a real financial crisis,” Diamond told The Associated Press in Chicago.

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In this Nov. 7, 2017, file photo, former Federal Reserve Chairman Ben Bernanke speaks with Paul H. Douglas attended a government ethics award ceremony. The 2022 Nobel Prize in Economics has been awarded to three American economists for their research on banking and financial crises. 2022 Nobel Prizes at the Royal Swedish Academy of Sciences in Stockholm: AP Photo/Jacqueline Martin, File

Given the global economic upheaval caused by the COVID-19 pandemic and Russia’s war in Ukraine, Diamond said by phone that the financial system is “more vulnerable” to crises due to the collapse of the 2000s and enhanced regulation. With the Nobel Prize.

The findings of the trio came true in late 2008, when investors sent the financial system into a frenzy, leading to the longest and most painful recession since the 1930s.

Bernanke, then chairman of the Federal Reserve, worked with the Treasury Department to prop up major banks and ease the credit deficit that was the lifeblood of the economy.

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He lowered short-term interest rates to zero, directed the Federal Reserve to buy Treasuries and mortgages, and launched an unprecedented lending program. Collectively, the moves reassured investors and bolstered big banks — and prevented another recession.

The Fed pushed long-term interest rates to historic lows, and Bernanke was heavily criticized, especially among Republican presidential candidates in 2012, who said the Fed risked damaging the dollar and subsequently increasing inflation.

Bernanke’s unprecedented activism at the Federal Reserve set a precedent for the central bank’s ability to respond quickly and forcefully to economic shocks.

As COVID-19 hit the US economy in early 2020, the Federal Reserve under Chairman Jerome Powell quickly invested in the financial system and cut short-term interest rates to zero. Aggressive intervention—along with massive government spending—quickly ended the recession and sparked a strong economic recovery.

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But the rapid recovery has come at a cost: Inflation began rising sharply last year and is now near 40-year highs, forcing the Federal Reserve and other central banks to change course and raise interest rates to cool the economy.

At a press conference on Monday, Bernanke expressed confidence in current Fed Chairman Jerome Powell and his former colleagues at the central bank, but said they face a “very difficult challenge” trying to bring the economy back to a so-called soft landing. Interest rates are high enough to cool the economy and reduce inflation.

Bernanke said he and his wife turned off their cellphones last night and found out about Nobel when their daughter called them with the news.

In a groundbreaking 1983 essay, Bernanke explored the role of bank failures in deepening and prolonging the Great Depression of the 1930s.

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Earlier, economists accused the Federal Reserve of not injecting enough funds to prevent the economy from collapsing. Bernanke agreed, but found that lack of money could not explain why recessions were so destructive and lasted so long.

The problem he discovered was the collapse of the banking system. Panicked money pumped money out of bankrupt banks, which then failed to get the loans that would grow the economy.

“Ben Bernanke’s 1983 paper is of astonishing originality and lasting significance, not in explaining how the Great Depression started, but in explaining why it lasted so long,” said Alan Blinder, an economist at Princeton University and a former vice chairman of the Federal Reserve. . It has influenced the thinking of economists ever since.”

Diamond and Dybwig point out that banks play a crucial role in solving financial problems: savers need immediate access to money, but businesses need time to see their businesses become profitable before fully repaying their loans. In a 1983 paper, Diamond and Dybwig explored the intermediary role of banks between savers and borrowers.

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They found that banks are also vulnerable: if savers fear bank failure, they withdraw their money, forcing the bank to call for loans. Governments can insure deposits and become lenders to banks, stopping banks from going out of business and collapsing their economies.

“If you can avoid panic, banks do well,” said Simon Johnson, an economist at the Massachusetts Institute of Technology. “How do people perceive financial stability?”

Diamond stated in his 1984 article that banks play a critical role in assessing the creditworthiness of borrowers and ensuring that loans are repaid in appropriate categories.

The Economics Prize announced a week of Nobel Prizes for medicine, ice, chemistry, literature and peace. They will take home a cash prize of 10 million Swedish kroner ($900,000), which will be announced on December 10.

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Unlike other prizes, the Economics Prize was not recorded in Alfred Nobel’s 1895 will, but by the Swedish Central Bank. The first winner was chosen in 1969.

On October 3, the announcement of the Nobel Prize in Medicine began with Swedish scientist Svante Pabo winning the medicine prize for unlocking the secrets of Neanderthal DNA that provide important insights into our immune system.

Three scholars were awarded jointly on Tuesday. Alain Aspect of France, John F. Klauser of America and Anton Zelinger of Austria have shown that tiny particles can maintain contact with each other even when separated, a phenomenon known as quantum entanglement used in special calculations and information encryption.

The Nobel Prize in Chemistry was awarded on Wednesday to Americans Caroline R. Bertozzi and K. Barry Sharpless and Danish scientist Morten were awarded the medal for developing a “molecular assembly” method that can be used to study cells, map DNA and make drugs. Targeted diseases such as cancer are more specific.

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French author Anne Herneaux won the Nobel Prize for Literature on Thursday. The panel praised her blend of fiction and autobiography in books that fearlessly dig into her experiences as a working woman exploring life in France since the 1940s.

On Friday, the Nobel Peace Prize was awarded to Belarusian human rights activist Ales Blyatsky, the Ukrainian Center for Russian Mass Remembrance and Civil Liberties.

The Royal Swedish Academy of Sciences has decided to award the Sverges Riksbank Prize for Economics in memory of Alfred Nobel until 2022.

The winners of this year’s Economics Prize, Ben Bernanke, Douglas Diamond and Philip Dywig, have significantly advanced our understanding of the role of banks in the economy, particularly during the financial crisis. A key finding of their research is why avoiding bank failures is so important.

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Modern banking studies explain why we have banks, how they can be weakened in a crisis, and how bank failures exacerbate financial crises. This research was pioneered in the early 1980s by Ben Bernanke, Douglas Diamond, and Philip Dywig. Their analysis is critical in regulating financial markets and dealing with financial crises.

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