“When I woke up I had what seemed like thousands of messages” — Philip Dybvig’s phone was on silent, so he missed the call from Stockholm. When, half asleep, he did confirm the news, he recalls that his initial response was one of stress: “What’s this going to do to my life?” In this call recorded a few hours later he talks briefly to Adam Smith about the theoretical model that he and Douglas Diamond built, and how important it is to ensure that such findings are accessible to policymakers: "We worked so hard to make the paper simple."

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