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Former Federal Reserve Chairman Ben Bernanke, one of three to receive the Nobel Prize for work on banks

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STOCKHOLM — This year’s Nobel Prize in economics has been awarded to former US Federal Reserve Chairman Ben S. Bernanke and two US-based economists, Douglas W. Diamond and Philip H. Dybvig, “for research into banking and financial crises.”

The prize was announced Monday by the Nobel panel of the Royal Swedish Academy of Sciences in Stockholm.

The commission said their work in their investigation had shown “why avoiding bank collapse is vital.”

Nobel Prizes are worth 10 million Swedish kronor (nearly $900,000) and will be awarded on December 10.

Unlike the other prizes, the economic prize was not established in Alfred Nobel’s will of 1895, but by the Swedish central bank in his memory. The first winner was chosen in 1969.

Last year half the prize went to David Card for his research into the impact of minimum wage, immigration and education on the labor market. The other half was shared by Joshua Angrist and Guido Imbens for their proposal to study issues that do not easily fit into traditional scientific methods.

The Nobel Prize in Economics has been awarded to an American trio for their contributions to explaining the role of banks in the economy.Anders Wiklund / AFP – Getty Images

A week of Nobel Prize announcements began on October 3 with Swedish scientist Svante Paabo receiving the prize in medicine for unlocking secrets of Neanderthal DNA that provided important insights into our immune system.

Three scientists together won the prize in physics on Tuesday. The Frenchman Alain Aspect, the American John F. Clauser and the Austrian Anton Zeilinger had shown that small particles can maintain a connection with each other even when separated, a phenomenon known as quantum entanglement, which can be used for specialized computers and to encode information.

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

French writer Annie Ernaux won the Nobel Prize in Literature on Thursday. The panel praised her for combining fiction and autobiography in books that fearlessly deepen her experiences as a working-class woman to explore life in France since the 1940s.

The Nobel Peace Prize on Friday went to Belarusian human rights activist Ales Bialiatski, the Russian group Memorial and the Ukrainian organization Center for Civil Liberties.

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