Former Federal Reserve chairman Ben Bernanke was awarded the Nobel Prize in Economics Monday, along with economists Douglas Diamond and Philip Dybvig, for their research on bank runs and measures to prevent them.
The three will share the prize money of 10 million Swedish kronor, or $886,000.
Established in the 1960s several decades after the original Nobel prizes, it is technically known as the Sveriges Riksbank prize in economic sciences in memory of Alfred Nobel.
Previous winners, the majority of whom have been from the US, include Paul Krugman and Milton Friedman.
