Douglas Diamond facts for kids
Quick facts for kids
Douglas Diamond
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Diamond at the White House in 2022
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| Born | October 25, 1953 |
| Education | Brown University (BA) Yale University (MA, MPhil, PhD) |
| Known for | Diamond–Dybvig model |
| Children | Rebecca Diamond |
| Awards | Nobel Memorial Prize in Economic Sciences (2022) |
| Scientific career | |
| Institutions | University of Chicago |
| Thesis | Essays on Information and Financial Intermediation (1980) |
| Doctoral advisor | Stephen A. Ross |
Douglas Warren Diamond, born on October 25, 1953, is an American economist. He is a professor at the University of Chicago Booth School of Business. He has taught there since 1979.
Professor Diamond studies how banks and other financial groups work. He also looks at why financial crises happen and how money moves around (called liquidity).
In October 2022, Douglas Diamond won the Nobel Memorial Prize in Economic Sciences. He shared this important award with Ben Bernanke and Philip H. Dybvig. They won for their important research on banks and financial crises.
Diamond is famous for his work on bank runs. A bank run is when many people try to take all their money out of a bank at once. His ideas, like the Diamond–Dybvig model from 1983, help us understand these events better.
Contents
Early Life and Education
Douglas Warren Diamond grew up in Hyde Park, a neighborhood in Chicago. He was raised by his single mother.
When he was younger, Douglas first wanted to study molecular biology. But then he went to Brown University. There, he took a class on economics. This class made him change his mind. He decided to study economics instead.
He earned his first degree in economics from Brown University in 1975. Later, he went to Yale University. He earned two master's degrees and a PhD in economics from Yale by 1980. At Yale, his teacher was Stephen A. Ross. Philip H. Dybvig, who later shared the Nobel Prize with Diamond, was also taught by Ross.
One of Diamond's important ideas came from his PhD work. It was about "delegated monitoring." This idea explains how banks help people. Banks watch over loans for many small savers, which is more efficient than each saver watching their own loans. This work helped shape how we understand banks today.
Career Highlights
Since 1979, Professor Diamond has taught at the University of Chicago Booth School of Business. He has held a special professorship there since 2000. From 2010 to 2014, he led a research center at the university.
He has also been a visiting scholar at other universities and banks. These include the University of Bonn in Germany and the Bank of Japan. He also taught at the Hong Kong University of Science and Technology and MIT Sloan School of Management.
Winning the Nobel Prize
For many years, people thought Douglas Diamond might win the Nobel Prize. Experts often listed him as a top contender.
On October 10, 2022, he finally received the Nobel Memorial Prize in Economic Sciences. He shared it with Philip H. Dybvig and Ben Bernanke. Much of their award-winning work was done in the early 1980s. Their research helps us understand why banks are so important and how to prevent financial crises.
Personal Life
Douglas Diamond married Elizabeth Cammack Diamond in 1982. They have two children together. One of their children, Rebecca Diamond, is also an economist.
His father, Leon Diamond, was a psychiatrist. His mother, Margaret Gunkel Seehafer, was a social worker and professor.
Honors and Awards
Douglas Diamond has received many honors for his work.
- Fellow, Econometric Society (since 1990)
- Member, American Academy of Arts and Sciences (elected 2001)
- Fellow, American Finance Association (selected 2004)
- Member, National Academy of Sciences (elected 2017)
Major Awards
- Morgan Stanley-American Finance Association Award for Excellence in Finance, 2012
- Doctor Honoris Causa, University of Zurich, 2013
- CME Group-MSRI Prize in Innovative Quantitative Applications, 2016
- Wilbur Cross Medal, 2017
- Onassis Prize in Finance, 2018
- Nobel Memorial Prize in Economic Sciences, 2022
- Doctor of Humane Letters from Brown University, 2023
See also
In Spanish: Douglas Diamond para niños
- List of Jewish Nobel laureates
