The 2022 Nobel Prize for Economics was awarded yesterday to Ben Bernanke, Douglas Diamond and Philip Dybvig for their work on banking. Bernanke is known for his role as chairman of the US Federal Reserve Bank at the time of the 2008/09 global financial crisis, but before that, as a professor, he published a number of influential articles, specifically on the Great Depression. The Diamond and Dybvig model is the basis of how economists think about financial intermediation. Tyler Cowan and Alex Tabarrok give an overview of the winners' work on the Marginal Revolution blog.

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