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IMAGE: Ben Bernanke, Mark Gertler, Nobuhiro Kiyotaki, and John Moore, winners of the BBVA Foundation Frontiers of Knowledge Award in Economics. view more
Credit: BBVA FOUNDATION
The BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management category has gone in this thirteenth edition to Ben Bernanke (The Brookings Institution, Washington DC), Mark Gertler (University of New York), Nobuhiro Kiyotaki (Princeton University) and John Moore (University of Edinburgh) for fundamental contributions to our understanding of how financial market imperfections can amplify macroeconomic fluctuations and generate deep macroeconomic recessions, in the words of the award citation. In the last 15 years, says the committee, advanced economies have been hit by large macroeconomic shocks arising from the financial side. By 2008, fuelled by the liquidity glut stemming from emerging countries and by lax prudential supervision, many financial instit