Stockholm: This year’s Nobel Prize in economic sciences has been awarded to three US-based economists “for research on banks and financial crises.”

The award to Ben Bernanke, Douglas Diamond and Philip Dybvig was announced Monday by the Nobel panel at the Royal Swedish Academy of Sciences in Stockholm.

Bernanke is a former chairman of the US Federal Reserve.

Ben Bernanke is one of three economists to share the prize.Credit:AP

Unlike the other prizes, the economics award wasn’t established in Alfred Nobel’s will of 1895 but by the Swedish central bank in his memory. The first winner was selected in 1969.

Last year, half of the award went to David Card for his research on how the minimum wage, immigration and education affect the labour market.

The other half was shared by Joshua Angrist and Guido Imbens for proposing how to study issues that don’t easily fit traditional scientific methods.

A week of Nobel Prize announcements kicked off October 3 with Swedish scientist Svante Paabo receiving the award in medicine for unlocking secrets of Neanderthal DNA that provided key insights into our immune system.

Three scientists jointly won the prize in physics Tuesday. Frenchman Alain Aspect, American John F. Clauser and Austrian Anton Zeilinger had shown that tiny particles can retain a connection with each other even when separated, a phenomenon known as quantum entanglement, that can be used for specialised computing and to encrypt information.

The Nobel Prize in chemistry was awarded Wednesday to Americans Carolyn Bertozzi and K Barry Sharpless, and Danish scientist Morten Meldal for developing a way of “snapping molecules together” that can be used to explore cells, map DNA and design drugs that can target diseases such as cancer more precisely.

French author Annie Ernaux won this year’s Nobel Prize in literature Thursday. The panel commended her for blending fiction and autobiography in books that fearlessly mine her experiences as a working-class woman to explore life in France since the 1940s.

The Nobel Peace Prize went to jailed Belarus human rights activist Ales Bialiatski, the Russian group Memorial and the Ukrainian organisation Centre for Civil Liberties on Friday.

AP

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