Douglas W. Diamond

Douglas Diamond

Douglas W. Diamond is the 2022 recipient of the Nobel Memorial Prize in Economic Sciences (Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) for his groundbreaking research on banks and financial crises.  He specializes in the study of financial intermediaries, financial crises, and liquidity. Diamond is the Merton H. Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. He has been on the faculty since 1979. Diamond is a research associate of the National Bureau of Economic Research and a visiting scholar at the Federal Reserve Bank of Richmond. Diamond was president of the American Finance Association and the Western Finance Association, and is a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. In 2012 he received the Morgan Stanley-American Finance Association Award for Excellence in Finance and in 2016 he received the CME Group- Mathematical Sciences Research Institute Prize in Innovative Quantitative Applications. He is a member of the National Academy of Sciences.

Diamond has taught at Yale and was a visiting professor at the MIT Sloan School of Management, the Hong Kong University of Science and Technology, and the University of Bonn. He earned a bachelor’s degree in economics from Brown University in 1975 and a PhD in 1980 in economics from Yale University.


Information on the Nobel Prize Lecture

Douglas Diamond – Facts – 2022. Outreach AB 2023. Mon. 13 Mar 2023.

2022 Nobel Lecture, "Financial Intermediaries and Financial Crises." Journal of Political Economy, volume 131, number 10, October 2023: 2597-2621.


Recent Research


"Liquidity, Pledgeability, and the Nature of Lending" (with Yunzhi Hu and Raghuram G. Rajan). Journal of Financial Economics, 143(3): pp. 1275-1294, March 2022. Working paper version.

The Spillovers from Easy Liquidity and the Implications for Multilateralism.” (with Yunzhi Hu and Raghuram Rajan).

"Pledgeability, Industry Liquidity, and Financing Cycles" (with Yunzhi Hu and Raghuram G. Rajan). Journal of Finance, 75: 419-461, February 2020.


Douglas W. Diamond
Merton H. Miller Distinguished Service Professor of Finance

Phone: (773) 702-7283

E-Mail: Douglas.Diamond "at"

The University of Chicago
Booth School of Business
5807 South Woodlawn Avenue
Chicago, IL 60637