Watch live: University of Chicago to honor Douglas Diamond, winner of Nobel Prize

Douglas W. Diamond awoke to a surprising phone call: he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022.

“I was sleeping very soundly and then all of a sudden, off went my cellphone,” he said during a Nobel news conference Monday.

He was recognized along with former U.S. Federal Reserve Chair Ben Bernanke and Philip H. Dybvig, of the Washington University in St. Louis, by the Royal Swedish Academy of Sciences for their research on banks.

[ Former Fed chair Ben Bernanke shares Nobel for research on banks with Douglas Diamond and Philip H. Dybvig ]

Diamond is a professor of finance at the University of Chicago Booth School of Business, where he became a member of the faculty in 1979.

“Professor Diamond has made extraordinary contributions to the field of economics and our collective understanding of the role financial institutions play in society, particularly in times of financial crises,” University of Chicago President Paul Alivisatos said Monday. “This is a well-deserved recognition of his groundbreaking scholarship.”

He will be honored by the university in a news conference scheduled to begin at 11 a.m. Monday.