"Nobel Prize in economics awarded to former Fed Chair Bernanke and 2 professors"

The Nobel Prize in economics was awarded to Ben Bernanke, Douglas W. Diamond and Philip H. Dybvig on Monday

Their research on banks and financial crises.

Bernanke, of The Brookings Institute, served as chair of the Federal Reserve from 2006 to 2014

The central bank's response to the Great Recession. Diamond is a professor at The University of Chicago

Dybvig is a professor at Washington University in St. Louis.

The laureates’ insights have improved our ability to avoid both serious crises and expensive bailouts

Winners receive 10 million Swedish kronor, about $911,765, which is usually split between winners when the prize is shared