The 2022 Nobel Prize in economic sciences goes to a Washington University in St. Louis professor – for work he created decades ago.
Philip H. Dybvig, a banking and finance expert at Washington University in St. Louis, is one of three economists to share the esteemed recognition – for his models on banking – and how we can respond to financial crises.
Dybvig and University of Chicago Professor Douglas Diamond were selected for a paper they wrote in 1983, that has become a keystone in the study of banking — its economic model that explained why banks are subject to customers taking out their money in large runs.
Sharing the $900,000r award with Dybvig and Diamond is Ben S. Bernanke, the former Federal Reserve chair. Perhaps bigger is the designation through the Nobel – that their work has changed the world.
