Douglas Diamond
Douglas Diamond | |
---|---|
Born | Douglas Warren Diamond October 25, 1953 |
Known for | Diamond–Dybvig model |
Children | Rebecca Diamond |
Awards | Nobel Memorial Prize in Economic Sciences (2022) |
Academic background | |
Education | Brown University (BA) Yale University (MA, MPhil, PhD) |
Thesis | Essays on Information and Financial Intermediation (1980) |
Doctoral advisor | Stephen A. Ross |
Academic work | |
Discipline | Economics |
Institutions | University of Chicago |
Douglas Warren Diamond (born October 25, 1953)
In October 2022, Diamond was awarded the Nobel Memorial Prize in Economic Sciences jointly with Ben Bernanke and Philip H. Dybvig. The prize was awarded in recognition of the economists' "research on banks and financial crises"[3][4]
Diamond is best known for his work on financial crises and
Early life and education
Douglas Warren Diamond was born on October 25, 1953.[2] He was raised in the Hyde Park neighborhood of Chicago by a single mother.[7][8]
As an adolescent, Diamond originally intended to study molecular biology. Diamond matriculated at
A later version of the third chapter of Diamond's 1980 doctoral dissertation "Essays on Information and Financial Intermediation" was republished in 1984 in
Career
Since 1979, Diamond has taught at the University of Chicago Booth School of Business. He has held the Merton H. Miller Distinguished Service Professorship since July 2000, having previously held the Theodore O. Yntema Professorship.[9] From 2010 to 2014, Diamond directed the Fama-Miller Center for Research in Finance at the University of Chicago.
Diamond has additionally served as a visiting scholar at the University of Bonn (1983) and the Bank of Japan (1999), as visiting professor at the Hong Kong University of Science and Technology and MIT Sloan School of Management, and as a professor and teaching fellow at the Yale School of Management.[9]
Nobel Memorial Prize in Economics
In the early 2010s, Diamond was repeatedly floated as a contender for the Nobel Memorial Prize in Economic Sciences. In 2011, Diamond was listed by Thomson Reuters as one of the "researchers likely to be in contention for Nobel honors based on the citation impact of their published research."[15] He was again named as a contender for the prize in 2013 by economist Hubert Fromlet,[16] The Wall Street Journal,[17] and Catherine Rampell, writing for The New York Times.[18]
On October 10, 2022, Diamond received the Nobel Memorial Prize in Economic Sciences jointly with long-time collaborator Philip H. Dybvig and former Chair of the Federal Reserve, Ben Bernanke. Much of the work for which the prize was awarded stems from work Diamond and Dybvig published in the early and mid-1980s.[19]
Personal life
Diamond has been married to Elizabeth Cammack Diamond since 1982.[20] The couple has two children,[21] including economist Rebecca Diamond.[22]
He is the son of Leon Diamond,[23][24] a psychiatrist, and Margaret Gunkel Seehafer, a social worker and professor.[25]
Honors and awards
- Fellow, Econometric Society (since 1990)[26]
- Member, American Academy of Arts and Sciences (elected 2001)[27]
- Fellow, American Finance Association (selected 2004)[28]
- Economic Theory Fellow, Society for the Advancement of Economic Theory (2016)
- Member, National Academy of Sciences (elected 2017)[29]
Awards
- Morgan Stanley-American Finance Association Award for Excellence in Finance, 2012[30]
- Doctor Honoris Causa, University of Zurich, 2013[31]
- CME Group-MSRI Prize in Innovative Quantitative Applications, 2016[29][6]
- Wilbur Cross Medal, 2017[31]
- Onassis Prize in Finance, 2018[32]
- Nobel Memorial Prize in Economic Sciences, 2022[3]
Publications
Articles
- Diamond, Douglas; Rajan, Raghuram (April 2009). "Fear of Fire Sales and the Credit Freeze". doi:10.3386/w14925.
- Diamond, Douglas W.; Rajan, Raghuram G. (April 2001). "Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking" (PDF). Journal of Political Economy. 109 (2): 287–327. S2CID 32078187.
- Diamond, Douglas W. (August 1991). "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt". Journal of Political Economy. 99 (4): 689–721. S2CID 56293289.
- Diamond, Douglas W. (1984). "Financial Intermediation and Delegated Monitoring". The Review of Economic Studies. 51 (3): 393–414. JSTOR 2297430.
- Diamond, Douglas W.; Dybvig, Philip H. (June 1983). "Bank Runs, Deposit Insurance, and Liquidity" (PDF). Journal of Political Economy. 91 (3): 401–419. S2CID 14214187.
See also
References
- ^ "Douglas Diamond's Curriculum Vitae" (PDF). Retrieved 2022-10-10.
- ^ a b "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". NobelPrize.org. Retrieved 2022-12-09.
- ^ a b Horowitz, Julia (10 October 2022). "Nobel Prize in economics awarded to trio including Ben Bernanke for work on financial crises | CNN Business". CNN. Retrieved 10 October 2022.
- ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". NobelPrize.org. Retrieved 2022-10-13.
- ^ JSTOR 2297430.[non-primary source needed]
- ^ a b Douglas Diamond to receive CME Group-MSRI Prize in Innovative Quantitative Applications Retrieved on March 24, 2016.
- ^ a b "How Prof. Douglas Diamond transformed the way we think about banking | University of Chicago News". 2022-12-07. Archived from the original on 2022-12-07. Retrieved 2022-12-08.
- ^ a b "Douglas W. Diamond". The University of Chicago Booth School of Business. Retrieved 2022-12-09.
- ^ a b c d "Douglas W Diamond".
- ^ Cummings, Mike (2022-10-10). "For Nobel laureates, successful collaboration began as Yale grad students". YaleNews. Retrieved 2022-10-10.
- ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". NobelPrize.org. Retrieved 2022-10-13.
- ]
- S2CID 241704137.
- ^ a b The Committee for the Prize in Economic Sciences in Memory of Alfred Nobel. "Scientific Background on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022" (PDF). p. 28.
- ^ Runners and riders. Retrieved on March 24, 2016.
- ^ Magnusson, Niklas (October 3, 2013). "Deaton, Dixit, Tirole on Fromlet's Top Nobel Economy Prize List". Bloomberg News.
- ISSN 0099-9660. Retrieved 2022-10-13.
- ^ Rampell, Catherine (2013-10-11). "Economists to Watch for the Nobel Prize". Economix Blog. Retrieved 2022-10-13.
- ISSN 0362-4331. Retrieved 2022-10-13.
- ^ "Douglas W. Diamond Wins Nobel Prize in Economic Sciences". The University of Chicago Booth School of Business. Retrieved 2022-10-13.
- ^ "Douglas Diamond wins Nobel Prize for research on banks and financial crises | University of Chicago News". news.uchicago.edu. 10 October 2022. Retrieved 2022-10-13.
- ^ List, John A (July 2020). "NON EST DISPUTANDUM DE GENERALIZABILITY? A GLIMPSE INTO THE EXTERNAL VALIDITY TRIAL" (PDF). NBER Working Paper Series (27535): 30.
- ^ "Leon Diamond Obituary | Chicago Tribune". news.uchicago.edu. Retrieved 2022-10-19.
- ^ "Leon Diamond 1924-2022". Retrieved 2022-10-19.
- ^ "Seehafer, Margaret Irene Gunkel "Woodie"". madison.com. 30 March 2017. Retrieved 2022-10-20.
- ^ "Fellows | The Econometric Society". www.econometricsociety.org. Retrieved 2022-10-10.
- ^ "Douglas W. Diamond". American Academy of Arts & Sciences. Retrieved 2022-10-10.
- ^ "Fellows". The American Finance Association. Retrieved 2022-10-10.
- ^ a b "Douglas W. Diamond". www.nasonline.org. Retrieved 2022-10-10.
- ^ "Douglas Diamond wins Morgan Stanley-AFA award for financial economics research". news.uchicago.edu. 9 January 2012. Retrieved 2022-10-11.
- ^ a b "Yale Graduate School honors four alumni with Wilbur Cross Medals | Yale Graduate School of Arts & Sciences". gsas.yale.edu. Retrieved 2022-10-11.
- ^ "Chicago Booth's Douglas Diamond wins Onassis Prize in Finance". news.uchicago.edu. 25 April 2018. Retrieved 2022-10-11.