Economist Douglas Diamond, 69, is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02). In October 2022, Diamond was awarded the Nobel Memorial Prize in Economic Sciences jointly with Ben Bernanke (Jewish) and Philip H. Dybvig. The prize was awarded in recognition of the economists’ “research on banks and financial crises.”
— Wikipedia
Quote: “Diamond said it’s possible but it isn’t necessarily desirable to never have a financial crisis. ‘The point of our work is that’s probably not the best thing to do,” he said. “Because, in many circumstances, the very thing that leads the financial system to crisis is creating more liquid assets that savers would like to hold out of less liquid assets, longer-term illiquid assets, physical plant and equipment, things like that.’ ”
— Market Watch
Learn more about Douglas Diamond from Wikipedia. ►
Watch “Prof. Douglas Diamond reflects on winning the Nobel Prize” [1:20]. ►
Watch “Nobel Prize Winner Diamond on Financial Crises Research” [12:24], ►
Watch “Prize lecture: Douglas Diamond, economic sciences prize 2022” [36:02]. ►
Photo: The New York Times
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