3 US-based economists given Nobel Prize for work on banks
Oct 10, 2022
This year’s Nobel Prize in economic sciences has been awarded to three U_S_-based economists “for research on banks and financial crises.”
STOCKHOLM (AP) — This year’s Nobel Prize in economic sciences has been awarded to three U.S.-based economists “for research on banks and financial crises.”
The award to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig was announced Monday by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm.
Nobel prizes carry a cash award of 10 million Swedish kronor (nearly $900,000) and will be handed out on Dec. 10.
Unlike the other prizes, the economics award wasn’t established in Alfred Nobel’s will of 1895 but by the Swedish central bank in his memory. The first winner was selected in 1969.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
STOCKHOLM (AP) — The winner, or winners, of this year's Nobel Prize for economics will be announced Monday at the Royal Swedish Academy of Sciences, in Stockholm.
The prizes carry a cash award of 10 million Swedish kronor (nearly $900,000) and will be handed out on Dec. 10.
Unlike the other prizes, the economics award wasn’t established in Alfred Nobel's will of 1895 but by the Swedish central bank in his memory. The first winner was selected in 1969.
Last year, half of the award 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 proposing how to study issues that don't easily fit traditional scientific methods.
A week of Nobel Prize announcements kicked off Oct. 3 with Swedish scientist Svante Paabo receiving the award in medicine for unlocking secrets of Neanderthal DNA that provided key insights into our immune system.
Three scientists jointly won the prize in physics Tuesday. Frenchman Alain Aspect, American John F. Clauser and Austrian Anton Zeilinger had shown that tiny particles can retain a connection with each other even when separated, a phenomenon known as quantum entanglement, that can be used for specialized computing and to encrypt information.
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 “snapping molecules together” that can be used to explore cells, map DNA and design drugs that can target diseases such as cancer more precisely.
French author Annie Ernaux won this year’s Nobel Prize in literature Thursday. The panel commended her for blending 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 went to jailed Belarus human rights activist Ales Bialiatski, the Russian group Memorial and the Ukrainian organization Center for Civil Liberties on Friday.
___
Follow all AP stories about the Nobel Prizes at https://apnews.com/hub/nobel-prizes
More News
U.S. Budget Deficit Nears $2 Trillion, a Reality Check for Trump’s Cost Cutting
Higher interest rates are inflating borrowing costs as the Trump administration spends on the Iran war and tariff refunds.
Indonesian Stocks Plunge as MSCI Threatens to Drop Market from Indexes
The potential downgrade by MSCI, an influential index provider, adds to a deepening crisis of investor confidence in the economic policies of President Prabowo Subianto.
Warsh Vows to Tame Inflation as A.I. Delivers ‘Shock’ to Economy
The Federal Reserve chairman stuck to his pledge to avoid providing guidance about the path forward for interest rates, but did nothing to convey an urgency to raise them later this month.
Watch: Did Tesla really just unveil a flying car?
Tesla CEO Elon Musk showcased the vehicle at a facility owned by his SpaceX company, which helped develop the model.
When Will the Fed Move on Rates?
Kevin Warsh, the central bank’s chairman, suggested he wouldn’t push to raise borrowing rates this month. But persistent inflation may force the Fed’s hand.
Banks expect to be hit with higher taxes in Budget
Senior banking executives have told the BBC they expect to be "on the menu" in the chancellor's Budget tax later this month.
Feel Like You’re Overpaying for Hotels? Blame Expedia, a New Lawsuit Says.
The booking giant is accused of breaking federal antitrust laws and forcing millions of customers to overspend on stays by as much as 30 percent.
Tesla Debuts 2026 Roadster ‘Flying’ Electric Sports Car
Elon Musk’s company and other automakers, like Jaguar and Bentley, are trying to sell very expensive electric cars to people who usually prefer gasoline-fueled luxury and performance.
Trump Hasn’t Lowered Drug Prices for These Voters
President Trump has been promoting his efforts to reduce drug prices, but many Americans have not seen relief from rising costs for prescriptions and insurance premiums.
Fuel costs squeezing margins for some businesses
Diesel recently topped £2 per litre and there is concern that a duty freeze will not go far enough.
Why Bad News in the Bond Market May Be Good News for Investors
In the contrarian logic of investing, rising interest rates have made bonds much more attractive, our columnist says.
'TV and cheap booze' blamed for landlord quitting
Lincolnshire has lost 27% of its pubs and bars since 2009 and some are calling on the government to act against cheap supermarket booze.