2022 Nobel Memorial Prize
in Economic Sciences
This year's Nobel Prize in Economics , contains "yeah" very high!
On October 10th local time, Hydden Academy of Sciences announced the three winners of the 2022 Nobel Prize in Economics, commending their research on banking and financial crises. Among the three American economists who shared this honor, two graduated from the Department of Economics at Yale University - '79th Department of Economics Philip H. Dybvig and '80th Department of Economics Douglas W. Diamond, and one works in the Yale School of Management's program - Yale Program on Financial Stability Ben Bernanke. Three scholars either experienced a wonderful study time at Yale, or further pursued light and truth at Yale. Congratulations to them!
In the late 1970s, on the campus of Yale University , two doctoral students who were waiting to meet with the paper tutor met each other. They did not know that the beginning of this friendship would become the starting point of the Nobel Prize in more than 40 years later.
They are the winners of this year's Nobel Prize in Economics Yale Graduate School's ’79th alumni Philip H. Dybvig and ’80th alumni Douglas W. Diamond. That day, they were standing outside the office door of the then Stirling professor of Economics and Finance at Yale University, Stephen Ross (Stephen A. Ross) .
Stephen A. Ross Professor
The famous financier Stephen Ross is world-famous for the establishment of the Arbitrage Pricing Theory. He has authored more than 100 articles in finance and economics, and in 1997 he taught at MIT Sloan School of Management and died in 2017.
In an interview released by the official Nobel Prize website, Diamond recalled his experience at Yale Graduate School: " Both of us think that Professor Rose is a great academic tutor and an incredible life tutor ."
Diamond recalled that Professor Rose's regulations are not to make an appointment with the student in advance. When students need to find him, they can wait outside the office door, and the professor can start the discussion when he is free. One of Professor Ross's assistants often distribute cookies and some snacks to students who are waiting. “No one goes hungry outside Professor Ross’ office,” Diamond said.
Diamond and Dybvik often talked in such a wait. They decided to cooperate in future research , but did not determine the bank run as the research topic at that time, and this topic was not finalized until they completed their doctoral studies.
In 1983, two economists proposed the Diamond-Dybvig model , which is an influential model in the field of bank runs and one of the most widely cited articles in the fields of finance and economics. This model shows how banks can serve the economic operation by creating liquid assets, and how create liquid assets to impose banks on bank runs if deposit insurance or other protection is not in place. This situation occurs because many depositors are afraid of withdrawing deposits at the same time, and the bank will be unable to repay them.
Douglas Diamond is now a professor of finance at the University of Chicago Booth School of Business. From 1986 to 1987, he taught finance at Yale School of Management .In 2017, Diamond received the Wilbur Lucius Cross Medal, the highest honor given by the Yale Graduate Alumni Association, . Every year, only a small number of alumni receive this award for their outstanding achievements in the fields of academia, education, academic administration and public services.
In 2017, a group photo of Wilbur Close Medal awards was presented. Douglas W. Diamond
Philip Dybvig is currently a professor of banking and finance at the Olin School of Business, University of Washington. In 1979, after he received his Ph.D. in the Department of Economics at Yale University, he started working as a postdoctoral fellow in the fall of 1979 at the Yale’s Cowles Foundation economics research. From 1981 to 1986, he taught at Yale School of Management. It was during this period that the economic model of Dybvig and Diamond gradually took shape and was able to promote .
For his mentor Professor Rose when he was studying at Yale, Dybvig recently collaborated with Edwin J. Beinecke professor of finance and management research at Yale School of Management William N. Goetzmann and International Trade with Adrian C. Israel Professor Emeritus Professor Jonathan Ingersoll of Finance to write an article to record Professor Rose's contributions in the field of finance.
From top to bottom, William N. Goetzmann, Philip H. Dybvig and Jonathan Professor Ingersoll
Goetzmann is also a ’78th alumnus of Yale Undergraduate School and a ’86th alumnus of Yale Management School. He recalled: “Philip was able to substitute his keen mathematical intuition into the theory and practice of finance. As a member of the Teachers and Doctoral Students Committee, he is patient and kind, and has always been happy to share his insights with me.”
Now, the 2022 Nobel Prize in Economics marks a new peak in the academic achievement of Professor Diamond and Professor Dybvig. Just like their teacher, finance scholar pioneer Ross, they will leave an indelible mark in the field of financial economics .
shared the Nobel Prize honors with them. Stanford University and Princeton University former professor and US Federal Reserve former chairman Ben Bernanke.
Ben Bernanke
Ben Bernanke guided Feder to respond to the crisis in Global Financial Crisis from 2007 to 2008. He now serves as a member of the Advice Committee on the Yale School of Management's Yale Program on Financial Stability and frequents the Yale campus.
Ben Bernanke's academic work shows how the financial crisis can destroy the economy. As former Fed chairman , he has brought profound insights into the mechanisms of this work, and at the same time, he cleverly applied this knowledge to combat the global financial crisis.
—Andrew Metrick
Janet L. Yellen Chair Professor of Finance and Management, Yale School of Management
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