- This year's Nobel Economics Prize was awarded on Monday to a group of American economists, including former Federal Reserve Chair Ben Bernanke.
- Bernanke's examination of the 1930s Great Depression explained how and why bank runs contributed significantly to the crisis' length and severity. From 2006 to 2014, Bernanke served as the Federal Reserve's chairman.
- Winners are chosen by the Royal Swedish Academy of Sciences from a list of candidates suggested by the Economic Sciences Prize Committee. The prize winners will each receive 10 million Swedish krona ($883,000).
Why it matters
Sweden's central bank founded the economics prize in 1969 to honor Swedish inventor, chemist, and engineer Alfred Nobel. The Nobel Peace Prize winners are also announced along with the honorees of the Nobel Economics Prize, and the prizes are awarded at the Nobel Prize Award Ceremony.
