Winners of Nobel Prize in Economics named

The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Ben S. Bernanke, the former Federal Reserve chair, and two other academics for their research into banks and financial crises, Report informs, citing The New York Times.

Douglas W. Diamond, an economist at the University of Chicago, and Philip H. Dybvig at Washington University in St. Louis won the prize alongside Mr. Bernanke, who is now at the Brookings Institution in Washington.

Mr. Bernanke, in 1983 wrote a paper that broke ground in explaining that bank failures can propagate a financial crisis — rather than simply being a result of the crisis.