Bernanke, 2 others win Nobel for work on financial crises ...Middle East

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Bernanke, 2 others win Nobel for work on financial crises
Former Federal Reserve Chairman Ben Bernanke and two other American economists won the Nobel Prize in economic sciences on Monday for their work studying bank runs and financial crises. Bernanke led the Federal Reserve from from 2006 to 2014 under two presidents, including during the 2008 financial crisis, when he directed drops in short-term interest rates to zero and purchases of mortgage-backed investments, which aided the nation’s big banks in maintaining liquidity to avoid a deeper recession. “We didn’t know it at the time, but 15 years ago, much of the world stood at the brink of a devastating economic crisis,” Tore Ellingsen, chair of the prize’s selection committee, said dur

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