Ex-Fed boss Bernanke shares Nobel for bank studies

STOCKHOLM — Former US Federal Reserve chair Ben Bernanke, who put his academic expertise on the Great Depression to work reviving the US economy after the 2007-08 financial crisis, won the Nobel Prize in economic sciences along with two other US-based economists for their research into the fallout from bank failures.

Bernanke was recognized on Monday along with Douglas W. Diamond and Philip H. Dybvig. The Nobel panel at the Royal Swedish Academy of Sciences in Stockholm said the trio's research had shown "why avoiding bank collapses is vital".

With their findings in the early 1980s, the laureates laid the foundations for regulating financial markets and dealing with financial crises, the panel said.