fbpx
Wikipedia

Douglas Diamond

August 24, 2023

Douglas Warren Diamond (born October 25, 1953)[1][2] is an American economist. He is currently the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, where he has taught since 1979. Diamond specializes in the study of financial intermediaries, financial crises, and liquidity. He is a former president of the American Finance Association (2003) and the Western Finance Association (2001-02).

Douglas Diamond
Diamond at the White House in 2022
Born
Douglas Warren Diamond

(1953-10-25) October 25, 1953 (age 69)
Known forDiamond–Dybvig model
ChildrenRebecca Diamond
AwardsNobel Memorial Prize in Economic Sciences (2022)
Academic background
EducationBrown University (BA)
Yale University (MA, MPhil, PhD)
ThesisEssays on Information and Financial Intermediation (1980)
Doctoral advisorStephen A. Ross
Academic work
DisciplineEconomics
InstitutionsUniversity of Chicago

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 bank runs, particularly the influential Diamond–Dybvig model published in 1983 and the Diamond model of delegated monitoring published in 1984.[5] In 2016, he was awarded the CME Group-MSRI Prize in Innovative Quantitative Applications.[6]

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 Brown University, where he decided to study economics instead, after taking a course on Milton Friedman and Anna Schwartz's A Monetary History of the United States.[7][8] He graduated Phi Beta Kappa from Brown with a Bachelor of Arts degree in economics in 1975.[9] The following year, and in 1977 Diamond earned Master's degrees, and ultimately a PhD in economics in 1980 from Yale University.[9] At Yale, both Diamond and future Nobel co-recipient Philip H. Dybvig were advised by Stephen A. Ross. According to Diamond, the two would regularly converse outside Ross' office while waiting for appointments with him.[10][11]

A later version of the third chapter of Diamond's 1980 doctoral dissertation "Essays on Information and Financial Intermediation" was republished in 1984 in The Review of Economic Studies under the title "Financial Intermediation and Delegated Monitoring"[12][13] This publication coined the term "delegated monitoring" and described Diamond's formal model of delegated monitoring.[14] According to the Committee for the Nobel Memorial Prize in Economic Sciences, Diamond's model is considered "the first truly micro-founded theory of financial intermediation."[15] Since its publication, Diamond (1984) has become a key publication in scholarship concerning financial intermediation.[15]

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."[16] He was again named as a contender for the prize in 2013 by economist Hubert Fromlet,[17] The Wall Street Journal,[18] and Catherine Rampell, writing for The New York Times.[19]

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.[20]

Personal life

Diamond has been married to Elizabeth Cammack Diamond since 1982.[21] The couple has two children,[22] including economist Rebecca Diamond.[23]

He is the son of Leon Diamond,[24][25] a psychiatrist, and Margaret Gunkel Seehafer, a social worker and professor.[26]

Honors and awards

Awards

Publications

Articles

  • “Fear of fire sales, illiquidity seeking, and credit freezes,” co-author Raghuram Rajan, The Quarterly Journal of Economics (May 2011).[34]
  • "Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking," co-author Raghuram Rajan, Journal of Political Economy (April 2001).[35]
  • "Monitoring and Reputation: The Choice Between Bank Loans and Directly Placed Debt," Journal of Political Economy (August 1991).[36]
  • "Financial Intermediation and Delegated Monitoring," Review of Economic Studies (July 1984).[37]
  • "Bank Runs, Deposit Insurance, and Liquidity," co-author Philip Dybvig, Journal of Political Economy (June 1983).[38]

See also

References

  1. ^ "Douglas Diamond's Curriculum Vitae" (PDF). Retrieved 2022-10-10.
  2. ^ a b "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". NobelPrize.org. Retrieved 2022-12-09.
  3. ^ 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.
  4. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". NobelPrize.org. Retrieved 2022-10-13.
  5. ^ Diamond, Douglas W. (1984). "Financial Intermediation and Delegated Monitoring". The Review of Economic Studies. 51 (3): 393–414. doi:10.2307/2297430. JSTOR 2297430. S2CID 59376685.
  6. ^ a b Douglas Diamond to receive CME Group-MSRI Prize in Innovative Quantitative Applications Retrieved on March 24, 2016.
  7. ^ a b . 2022-12-07. Archived from the original on 2022-12-07. Retrieved 2022-12-08.
  8. ^ a b "Douglas W. Diamond". The University of Chicago Booth School of Business. Retrieved 2022-12-09.
  9. ^ a b c d "Douglas W Diamond".
  10. ^ Cummings, Mike (2022-10-10). "For Nobel laureates, successful collaboration began as Yale grad students". YaleNews. Retrieved 2022-10-10.
  11. ^ "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2022". NobelPrize.org. Retrieved 2022-10-13.
  12. ^ "ESSAYS ON INFORMATION AND FINANCIAL INTERMEDIATION - ProQuest". www.proquest.com. Retrieved 2022-10-13.
  13. ^ Diamond, Douglas W. (1984). "Financial Intermediation and Delegated Monitoring". The Review of Economic Studies. 51 (3): 393–414. doi:10.2307/2297430. ISSN 0034-6527. JSTOR 2297430.
  14. ^ Hasan, A. K. M. Kamrul; Suzuki, Yasushi (2021-07-29). Implementation of Basel Accords in Bangladesh: The Role of Institutions. Springer Nature. p. 38. ISBN 978-981-16-3472-7.
  15. ^ 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.
  16. ^ Runners and riders. Retrieved on March 24, 2016.
  17. ^ Magnusson, Niklas (October 3, 2013). "Deaton, Dixit, Tirole on Fromlet's Top Nobel Economy Prize List". Bloomberg News.
  18. ^ Cronin, Brenda (2013-10-10). "Handicapping the 2013 Economics Nobel". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-10-13.
  19. ^ Rampell, Catherine (2013-10-11). "Economists to Watch for the Nobel Prize". Economix Blog. Retrieved 2022-10-13.
  20. ^ Granville, Kevin (2022-10-10). "Douglas Diamond and Philip Dybvig Created an Influential Model About Bank Runs". The New York Times. ISSN 0362-4331. Retrieved 2022-10-13.
  21. ^ "Douglas W. Diamond Wins Nobel Prize in Economic Sciences". The University of Chicago Booth School of Business. Retrieved 2022-10-13.
  22. ^ "Douglas Diamond wins Nobel Prize for research on banks and financial crises | University of Chicago News". news.uchicago.edu. Retrieved 2022-10-13.
  23. ^ List, John A (July 2020). "NON EST DISPUTANDUM DE GENERALIZABILITY? A GLIMPSE INTO THE EXTERNAL VALIDITY TRIAL" (PDF). NBER Working Paper Series (27535): 30.
  24. ^ "Leon Diamond Obituary | Chicago Tribune". news.uchicago.edu. Retrieved 2022-10-19.
  25. ^ "Leon Diamond 1924-2022". Retrieved 2022-10-19.
  26. ^ "Seehafer, Margaret Irene Gunkel "Woodie"". madison.com. Retrieved 2022-10-20.
  27. ^ "Fellows | The Econometric Society". www.econometricsociety.org. Retrieved 2022-10-10.
  28. ^ "Douglas W. Diamond". American Academy of Arts & Sciences. Retrieved 2022-10-10.
  29. ^ "Fellows". The American Finance Association. Retrieved 2022-10-10.
  30. ^ a b "Douglas W. Diamond". www.nasonline.org. Retrieved 2022-10-10.
  31. ^ "Douglas Diamond wins Morgan Stanley-AFA award for financial economics research". news.uchicago.edu. Retrieved 2022-10-11.
  32. ^ 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.
  33. ^ "Chicago Booth's Douglas Diamond wins Onassis Prize in Finance". news.uchicago.edu. Retrieved 2022-10-11.
  34. ^ Douglas, Diamond (2009). "Fear of Fire Sales and the Credit Freeze". The Quarterly Journal of Economics. doi:10.3386/w14925.
  35. ^ Diamond, Douglas (2001). "Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking". Journal of Political Economy. 109 (2): 287–327. doi:10.1086/319552. S2CID 32078187.
  36. ^ Diamond, Douglas (1991). "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt". Journal of Political Economy. 99 (4): 689–721. doi:10.1086/261775. S2CID 56293289.
  37. ^ Diamond, Douglas. ""Financial Intermediation and Delegated Monitoring."". The Review of Economic. Studies 51: no. 3 (1984): 393–414.
  38. ^ Diamond, Douglas (1983). "Bank Runs, Deposit Insurance, and Liquidity". Journal of Political Economy. 91 (3): 401–419. doi:10.1086/261155. S2CID 14214187.

External links

  • Professor Diamond's webpage at the University of Chicago Booth School of Business
  • Douglas Diamond on Nobelprize.org  

August 24, 2023
douglas, diamond, douglas, warren, diamond, born, october, 1953, american, economist, currently, merton, miller, distinguished, service, professor, finance, university, chicago, booth, school, business, where, taught, since, 1979, diamond, specializes, study, . Douglas Warren Diamond born October 25 1953 1 2 is an American economist He is currently the Merton H Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business where he has taught since 1979 Diamond specializes in the study of financial intermediaries financial crises and liquidity He is a former president of the American Finance Association 2003 and the Western Finance Association 2001 02 Douglas DiamondDiamond at the White House in 2022BornDouglas Warren Diamond 1953 10 25 October 25 1953 age 69 Known forDiamond Dybvig modelChildrenRebecca DiamondAwardsNobel Memorial Prize in Economic Sciences 2022 Academic backgroundEducationBrown University BA Yale University MA MPhil PhD ThesisEssays on Information and Financial Intermediation 1980 Doctoral advisorStephen A RossAcademic workDisciplineEconomicsInstitutionsUniversity of ChicagoIn 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 bank runs particularly the influential Diamond Dybvig model published in 1983 and the Diamond model of delegated monitoring published in 1984 5 In 2016 he was awarded the CME Group MSRI Prize in Innovative Quantitative Applications 6 Contents 1 Early life and education 2 Career 2 1 Nobel Memorial Prize in Economics 3 Personal life 4 Honors and awards 4 1 Awards 5 Publications 5 1 Articles 6 See also 7 References 8 External linksEarly life and education EditDouglas 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 Brown University where he decided to study economics instead after taking a course on Milton Friedman and Anna Schwartz s A Monetary History of the United States 7 8 He graduated Phi Beta Kappa from Brown with a Bachelor of Arts degree in economics in 1975 9 The following year and in 1977 Diamond earned Master s degrees and ultimately a PhD in economics in 1980 from Yale University 9 At Yale both Diamond and future Nobel co recipient Philip H Dybvig were advised by Stephen A Ross According to Diamond the two would regularly converse outside Ross office while waiting for appointments with him 10 11 A later version of the third chapter of Diamond s 1980 doctoral dissertation Essays on Information and Financial Intermediation was republished in 1984 in The Review of Economic Studies under the title Financial Intermediation and Delegated Monitoring 12 13 This publication coined the term delegated monitoring and described Diamond s formal model of delegated monitoring 14 According to the Committee for the Nobel Memorial Prize in Economic Sciences Diamond s model is considered the first truly micro founded theory of financial intermediation 15 Since its publication Diamond 1984 has become a key publication in scholarship concerning financial intermediation 15 Career EditSince 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 Edit 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 16 He was again named as a contender for the prize in 2013 by economist Hubert Fromlet 17 The Wall Street Journal 18 and Catherine Rampell writing for The New York Times 19 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 20 Personal life EditDiamond has been married to Elizabeth Cammack Diamond since 1982 21 The couple has two children 22 including economist Rebecca Diamond 23 He is the son of Leon Diamond 24 25 a psychiatrist and Margaret Gunkel Seehafer a social worker and professor 26 Honors and awards EditFellow Econometric Society since 1990 27 Member American Academy of Arts and Sciences elected 2001 28 Fellow American Finance Association selected 2004 29 Economic Theory Fellow Society for the Advancement of Economic Theory 2016 Member National Academy of Sciences elected 2017 30 Awards Edit Morgan Stanley American Finance Association Award for Excellence in Finance 2012 31 Doctor Honoris Causa University of Zurich 2013 32 CME Group MSRI Prize in Innovative Quantitative Applications 2016 30 6 Wilbur Cross Medal 2017 32 Onassis Prize in Finance 2018 33 Nobel Memorial Prize in Economic Sciences 2022 3 Publications EditArticles Edit Fear of fire sales illiquidity seeking and credit freezes co author Raghuram Rajan The Quarterly Journal of Economics May 2011 34 Liquidity Risk Liquidity Creation and Financial Fragility A Theory of Banking co author Raghuram Rajan Journal of Political Economy April 2001 35 Monitoring and Reputation The Choice Between Bank Loans and Directly Placed Debt Journal of Political Economy August 1991 36 Financial Intermediation and Delegated Monitoring Review of Economic Studies July 1984 37 Bank Runs Deposit Insurance and Liquidity co author Philip Dybvig Journal of Political Economy June 1983 38 See also EditList of Jewish Nobel laureatesReferences Edit 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 Diamond Douglas W 1984 Financial Intermediation and Delegated Monitoring The Review of Economic Studies 51 3 393 414 doi 10 2307 2297430 JSTOR 2297430 S2CID 59376685 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 ESSAYS ON INFORMATION AND FINANCIAL INTERMEDIATION ProQuest www proquest com Retrieved 2022 10 13 Diamond Douglas W 1984 Financial Intermediation and Delegated Monitoring The Review of Economic Studies 51 3 393 414 doi 10 2307 2297430 ISSN 0034 6527 JSTOR 2297430 Hasan A K M Kamrul Suzuki Yasushi 2021 07 29 Implementation of Basel Accords in Bangladesh The Role of Institutions Springer Nature p 38 ISBN 978 981 16 3472 7 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 Cronin Brenda 2013 10 10 Handicapping the 2013 Economics Nobel Wall Street Journal 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 Granville Kevin 2022 10 10 Douglas Diamond and Philip Dybvig Created an Influential Model About Bank Runs The New York Times 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 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 Retrieved 2022 10 20 Fellows The Econometric Society www econometricsociety org Retrieved 2022 10 10 Douglas W Diamond American Academy of Arts amp 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 Retrieved 2022 10 11 a b Yale Graduate School honors four alumni with Wilbur Cross Medals Yale Graduate School of Arts amp Sciences gsas yale edu Retrieved 2022 10 11 Chicago Booth s Douglas Diamond wins Onassis Prize in Finance news uchicago edu Retrieved 2022 10 11 Douglas Diamond 2009 Fear of Fire Sales and the Credit Freeze The Quarterly Journal of Economics doi 10 3386 w14925 Diamond Douglas 2001 Liquidity Risk Liquidity Creation and Financial Fragility A Theory of Banking Journal of Political Economy 109 2 287 327 doi 10 1086 319552 S2CID 32078187 Diamond Douglas 1991 Monitoring and Reputation The Choice between Bank Loans and Directly Placed Debt Journal of Political Economy 99 4 689 721 doi 10 1086 261775 S2CID 56293289 Diamond Douglas Financial Intermediation and Delegated Monitoring The Review of Economic Studies 51 no 3 1984 393 414 Diamond Douglas 1983 Bank Runs Deposit Insurance and Liquidity Journal of Political Economy 91 3 401 419 doi 10 1086 261155 S2CID 14214187 External links EditProfessor Diamond s webpage at the University of Chicago Booth School of Business Douglas Diamond on Nobelprize org Retrieved from https en wikipedia org w index php title Douglas Diamond amp oldid 1165531608, wikipedia, wiki, book, books, library,

article

, read, download, free, free download, mp3, video, mp4, 3gp, jpg, jpeg, gif, png, picture, music, song, movie, book, game, games.