An economist is a professional and practitioner in the social science discipline of economics.
Robert Cox Merton is an American economist,Nobel Memorial Prize in Economic Sciences laureate,and professor at the MIT Sloan School of Management,known for his pioneering contributions to continuous-time finance,especially the first continuous-time option pricing model,the Black–Scholes–Merton model. In 1997 Merton together with Myron Scholes were awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for the method to determine the value of derivatives.
Monetary economics is the branch of economics that studies the different theories of money:it provides a framework for analyzing money and considers its functions,and it considers how money can gain acceptance purely because of its convenience as a public good. The discipline has historically prefigured,and remains integrally linked to,macroeconomics. This branch also examines the effects of monetary systems,including regulation of money and associated financial institutions and international aspects.
Full-reserve banking is a system of banking where banks do not lend demand deposits and instead only lend from time deposits. It differs from fractional-reserve banking,in which banks may lend funds on deposit,while fully reserved banks would be required to keep the full amount of each customer's demand deposits in cash,available for immediate withdrawal.
A bank run or run on the bank occurs when many clients withdraw their money from a bank,because they believe the bank may fail in the near future. In other words,it is when,in a fractional-reserve banking system,numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is,or might become,insolvent. When they transfer funds to another institution,it may be characterized as a capital flight. As a bank run progresses,it may become a self-fulfilling prophecy:as more people withdraw cash,the likelihood of default increases,triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run,a bank may acquire more cash from other banks or from the central bank,or limit the amount of cash customers may withdraw,either by imposing a hard limit or by scheduling quick deliveries of cash,encouraging high-return term deposits to reduce on-demand withdrawals or suspending withdrawals altogether.
Stephen Alan "Steve" Ross was the inaugural Franco Modigliani Professor of Financial Economics at the MIT Sloan School of Management after a long career as the Sterling Professor of Economics and Finance at the Yale School of Management. He is known for initiating several important theories and models in financial economics. He was a widely published author in finance and economics,and was a coauthor of a best-selling Corporate Finance textbook.
Ben Shalom Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve,he was appointed a distinguished fellow at the Brookings Institution. During his tenure as chairman,Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis,for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chairman,Bernanke was a tenured professor at Princeton University and chaired the Department of Economics there from 1996 to September 2002,when he went on public service leave. Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences,jointly with Douglas Diamond and Philip H. Dybvig,"for research on banks and financial crises",more specifically for his analysis of the Great Depression.
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries,many financial crises were associated with banking panics,and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles,currency crises,and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
The Southwestern University of Finance and Economics is a public finance and economics university in Chengdu,Sichuan,China. It is affiliated with the Ministry of Education,and co-funded with the Sichuan Provincial People's Government. The university is part of Project 211 and the Double First-Class Construction.
Jean Tirole is a French economist who is currently a professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization,game theory,banking and finance,and psychology. In particular,he focuses on the regulation of economic activity in a way that does not hinder innovation while maintaining fair rules.
Randall S. Kroszner is an American economist who served as a member of the Federal Reserve Board of Governors from 2006 to 2009. Kroszner chaired Fed's board Committee on Supervision and Regulation of Banking Institutions during the global financial crisis. He has been professor of economics at the University of Chicago since the 1990s,with various leaves,and named Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business in 2009,and serves as a senior advisor for Patomak Partners.
Bendheim Center for Finance (BCF) is an interdisciplinary center at Princeton University. It was established in 1997 at the initiative of Ben Bernanke and is dedicated to research and education in the area of money and finance,in lieu of there not being a full professional business school at Princeton.
The Olin Business School is the business school and one of seven academic schools at Washington University in St. Louis. The school offers undergraduate,master's,doctoral,and executive programs.
Bengt Robert Holmström is a Finnish economist who is currently Paul A. Samuelson Professor of Economics (Emeritus) at the Massachusetts Institute of Technology. Together with Oliver Hart,he received the Central Bank of Sweden Nobel Memorial Prize in Economic Sciences in 2016.
The Deutsche Bank Prize in Financial Economics honors renowned researchers who have made influential contributions to the fields of finance and money and macroeconomics,and whose work has led to practical and policy-relevant results. It was awarded biannually from 2005 to 2015 by the Center for Financial Studies (CFS),in partnership with Goethe University Frankfurt,and is sponsored by Deutsche Bank Donation Fund. The award carried an endowment of €50,000,which was donated by the Stiftungsfonds Deutsche Bank im Stifterverband für die Deutsche Wissenschaft.
The Diamond–Dybvig model is an influential model of bank runs and related financial crises. The model shows how banks' mix of illiquid assets and liquid liabilities may give rise to self-fulfilling panics among depositors. Diamond and Dybvig,along with Ben Bernanke,were the recipients of the 2022 Nobel Prize in Economics for their work on the Diamond-Dybvig model.
Peter Bofinger is a German economist and a former member of the German Council of Economic Experts.
Douglas Warren Diamond is an American economist. He is currently the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business,where he has taught since 1979. Diamond specializes in the study of financial intermediaries,financial crises,and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02).
The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke,Douglas W. Diamond,and Philip H. Dybvig "for research on banks and financial crises" on 10 October 2022. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank,Sveriges Riksbank,to commemorate the bank's 300th anniversary. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. The Nobel Committee announced the reason behind their recognition,stating:
"This year's laureates in the Economic Sciences,Ben Bernanke,Douglas Diamond and Philip Dybvig,have significantly improved our understanding of the role of banks in the economy,particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital."
Rebecca Diamond is Class of 1988 Professor of Economics at Stanford Graduate School of Business and an associate editor of Econometrica and American Economic Journal:Applied Economics. Her research areas include urban economics and labor economics.
