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Peter Diamond, Held Up in Senate for Fed Post, Wins Nobel

Some very just desserts on this Columbus Day morning: Peter Diamond, a lauded economist at MIT, won the Nobel Prize, along with Dale T. Mortensen and

Paolo Reyna
News
Last updated: Jul 31, 2020 | Oct 11, 2010

Some very just desserts on this Columbus Day morning: Peter Diamond, a lauded economist at MIT, won the Nobel Prize, along with Dale T. Mortensen and Christopher A. Pissarides. The three economists won for their examination of “markets with search frictions.” In Diamond’s case, he focused on labor markets and unemployment.

But Diamond remains held up in the Senate confirmation process for a Federal Reserve seat, due to the objections of Republican senators over his qualifications. Again, they have questions about whether Diamond, who once taught Fed Chairman Ben Bernanke economics and now has won a Nobel prize, is qualified.

Here’s Sen. Richard Shelby (R-Ala.) on Diamond this summer: “I do not believe he’s ready to be a member of the Federal Reserve Board. I do not believe that the current environment of uncertainty would benefit from monetary policy decisions made by board members who are learning on the job.”

Paolo Reyna | Paolo is a senior at the University of Illinois at Urbana-Champaign, majoring in International Studies with a Latin American emphasis. During the fall semester of 2012, he had the opportunity to study abroad in Peru, which piqued his interest in international growth. He learned about the disparities that impact indigenous peoples, got a taste of Peruvian culture, and improved his Spanish skills. Mitchel interned with the Chicago Council on Global Affairs, conducting research on food security in Latin America, after being inspired by his foreign experience. He wants to work in international development and for a government department, writing legislation. He loves playing intramural basketball and practicing for the Chicago marathon when he is not thinking about current events in Latin America.

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