Home Business Raghuram Rajan praises Nobel Economics laureate Douglas Diamond's work

Raghuram Rajan praises Nobel Economics laureate Douglas Diamond’s work

What Raghuram Rajan has to say about Nobel Laureate Douglas Diamond:

Professor Douglas W Diamond of the University of Chicago was awarded the 2022 Nobel Prize in Economics for his research on banks and financial crises. He shared the prize with two other economists – former Fed Reserve Chairman Ben Bernanke and Philip H. Diebwig of the University of Washington.

Highlighting Mr. Diamond’s extraordinary work, economist and former Reserve Bank of India governor Raghuram Rajan wrote an article for his “co-author, colleague and friend”.

Raghuram Rajan, calling Mr. Diamond “the father of modern banking theory”, wrote in a journal that Douglas Diamond’s 1983 work with Philip Diebwig helped to understand how banks valued them as “depositor runs”. exposes for.

Mr Rajan shared that he has known Douglas Diamond since 1991. “To me, Doug is the epitome of the ideal university professor, and has been a mentor and friend from the day I interviewed him (and Rob Vishni) for a position in Chicago,” he added.

The former RBI governor also wrote about Douglas’s 1984 research on delegated surveillance, where he described how banks save on the costs of surveillance firms.

According to Mr Rajan, the Nobel laureate offered a “simple but illuminating” explanation that inspired further work and research in that area.

Mr Rajan said the insight into Diamond’s work also impressed Ben Bernanke, who said “Diamond-Diebwig needed a reading as the Fed was grappling with the financial crisis in 2007-2009”.

Talking about the personal life of Douglas Diamond, Mr. Rajan wrote that the Nobel laureate is a quick learner and a very kind and humble person. He added that the professor also has a “wicked sense of humour” and has great knowledge of a variety of subjects.

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