Douglas W Diamond

Douglas W. Diamond is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School of Business, where he has been on the faculty since 1979. He received the Nobel Memorial Prize in Economic Sciences in 2022 for his groundbreaking research on banks and financial crises. Diamond is also a research associate of the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of Richmond.

His research focuses on financial intermediaries, financial crises, and liquidity. Diamond's work has established the theoretical foundations for understanding why banks exist, how they create liquidity, and why they are vulnerable to runs. His seminal papers with Philip Dybvig on bank runs and deposit insurance form the basis of modern bank regulation.

Diamond's extensive publication record shows a consistent focus on banking theory, financial intermediation, and financial stability. His research has evolved from foundational theoretical work to more recent analyses of liquidity, pledgeability, and the role of banks in the financial system. His work has become increasingly relevant following the 2008 financial crisis and the more recent banking turmoil.

• Nobel Memorial Prize in Economic Sciences (2022)
• Onassis Prize in Finance (2018)
• CME Group-Mathematical Sciences Research Institute Prize (2016)
• Morgan Stanley-American Finance Association Award (2012)
• Member of the National Academy of Sciences
• Fellow of the Econometric Society
• Fellow of the American Academy of Arts and Sciences

Diamond has served as president of both the American Finance Association and the Western Finance Association. He has advised policymakers during financial crises, including providing analysis of the Silicon Valley Bank collapse in 2023. His research has directly influenced financial regulation and central bank policy regarding bank stability and liquidity requirements.