The Nobel Economics Prize has been awarded to Harvard University professor Claudia Goldin, “for having advanced our understanding of women’s labor market outcomes.”
Hans Ellegren, Secretary-General, Royal Swedish Academy of Sciences, announced the award Monday in Stockholm. Goldin is only the third woman to win the prize.
The economics award was created in 1968 by Sweden's central bank and is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel.
Last year's winners were former Federal Reserve Chair Ben Bernanke, Douglas W. Diamond and Philip Dybvig for their research into bank failures that helped shape America’s aggressive response to the 2007-2008 financial crisis.
The Nobel Prizes carry a cash award of 11 million Swedish kronor ($1 million). Winners also receive an 18-carat gold medal and diploma at the award ceremonies in December in Oslo and Stockholm.