description Ben Bernanke Overview
Ben Bernanke is an American economist who shared the 2022 Nobel Prize for his research on banks and financial crises, and who served as Federal Reserve Chair from 2006 to 2014 during the 2008 financial crisis.
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Ben Bernanke ranks #18 of 253 in the Economist ranking, behind Simon Kuznets, ahead of Paul Milgrom.
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What did Ben Bernanke do during the 2008 financial crisis?
As Federal Reserve chair, Bernanke oversaw emergency lending, sharp interest-rate reductions, and unconventional measures intended to stabilize credit markets. The Fed also began large-scale asset purchases after its policy rate approached zero.
Why did Bernanke share the 2022 economics Nobel?
Bernanke shared the prize with Douglas Diamond and Philip Dybvig for research on banks and financial crises. His work on the Great Depression showed how bank failures damaged credit relationships and made the economic collapse more severe.
What is Bernanke's explanation of the Great Depression?
Bernanke emphasized the collapse of banks and credit intermediation, extending the monetary account associated with Milton Friedman and Anna Schwartz. He argued that destroyed lending relationships increased the cost of obtaining credit and prolonged the downturn.
When was Ben Bernanke chair of the Federal Reserve?
Bernanke served as Federal Reserve chair from 2006 until 2014. He succeeded Alan Greenspan and was followed by Janet Yellen.
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