An Economics Nobel for and by Central Bankers

The Nobel Committee in Economics announced Monday that it has selected three US economists for its 2022 prize: the former Chairman of the Federal Reserve. Ben S. Bernanke, Douglas W. Diamond of the University of Chicago and Philip H. Dybvig of Washington University in St. Louis. The prize is for “research on banking and financial crises”. The committee commended the winners for their work “of immense practical importance in regulating financial markets and responding to financial crises”. Many monetary economists would disagree.

A careless reader of Mr. Bernanke’s award-winning work may have seen it as adding a few details star dust and Anna J. SchwartzThe 1963 book, “A Monetary History of the United States, 1867-1960.” In fact, it’s completely different. “I want to say to Milton and Anna: About the Great Recession. You’re right, we did. We are very sory. But thanks to you, we won’t do it again,” said Bernanke, then a member of the Fed’s board of governors, at Friedman’s 90th birthday party in 2002. Unfortunately, as a member of the Fed’s board of governors. as Fed Chairman, Mr. Bernanke, and his colleagues. Fed governors, did it again.

https://www.wsj.com/articles/economics-nobel-prize-bernanke-diamond-dybvig-crisis-rates-model-central-banker-bank-federal-reserve-recession-crash-bank-run-11665433538 An Economics Nobel for and by Central Bankers

Edmund DeMarche

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