The Nobel Prize in Economics awarded to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig

The Nobel Prize in Economics was awarded on Monday to Ben Bernanke, Douglas W. Diamond and Philip H. Dybvig for their research into banks and financial crises.

Bernanke, of The Brookings Institute, served as chairman of the Federal Reserve from 2006 to 2014. Diamond is a professor at the University of Chicago. Dybvig is a professor at Washington University in St.

Winners receive 10 million Swedish kroner, about $911,765, which is usually split between winners when the prize is shared. In addition to the prize money, each of the winners will receive an 18-carat gold medal.

The previous Nobel Prize in Economics, for 2021, went to two sets of winners: David Card and Joseph Angrist and Guido Imbens.

Card, an economist at the University of California, Berkeley, received the honor for “his empirical contributions to labor economics,” including research showing that an increase in the minimum wage does not necessarily lead to fewer jobs, Nobel Prize Organization said.

PHOTO: Nobel medals are displayed at Alfred Nobel's laboratory, where powder tests and experiments with artificial rubber and synthetic threads were carried out, in Karlskoga, Sweden, September 16, 2021.

Nobel medals are displayed at Alfred Nobel’s laboratory, where powder tests and experiments with artificial rubber and synthetic threads were carried out, in Karlskoga, Sweden, on September 16, 2021.

Jonathan Nackstrand/AFP via Getty Images

Meanwhile, a couple of economists — Angrist, a professor of economics at the Massachusetts Institute of Technology; and Imbens, professor of economics at Stanford University – won the Award for Advances in the Study of Cause and Effect, Nobel Prize Organization said.

The winners of this year’s prizes will be invited to receive them in Stockholm, Sweden on December 10, which marks the anniversary of Nobel’s death in 1896.

Nobel, a Swedish chemist best known for inventing dynamite, left some of his fortune to endow annual prizes in a number of disciplines.

The first Nobel Prize was awarded in 1901, almost 70 years before the first Nobel Prize in Economics.

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