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STOCKHOLM—Former U.S. Federal Reserve Chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the American economy after the 2007–2008 financial crisis, won the Nobel Prize in economic sciences along with two other U.S.-based economists for their research into bank failures.
The Nobel panel at the Royal Swedish Academy of Sciences recognized Bernanke, Douglas W. Diamond, and Philip Dybvig on Monday for research that shows "why avoiding bank collapses is vital."
Their findings in the early 1980s laid the foundations for regulating financial markets, the panel said.
"Financial crises and depressions are kind of the worst thing that can happen to the economy,” said John Hassler of the Committee for the Prize in Economic Sciences. "We need to have an understanding of the mechanism behind those and what to do about it. And the laureates this year provide that."...