Yuliy Sannikov, a professor at Princeton University, won the John Bates Clark young economist award.
Sannikov was honoured for theoretical work that has expanded the ability of economists to analyse a whole range of issues from the design of securities to collusion in markets, the Nashville, Tennessee-based American Economic Association said Friday in a statement on its website.
"Sannikov's work is impressive," the AEA said. "It is elegant, powerful, and it paves the way for further analysis on lots of problems."
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Alan Blinder, a fellow professor at Princeton and a former Federal Reserve vice chairman, said Sannikov "has displayed an unusual ability to apply deep economic theory to important questions about monetary policy and the financial system."
Fed Chair Janet Yellen cited his work with Markus Brunnermeier, another Princeton professor, in a speech she gave at the International Monetary Fund in 2014. In a footnote, Yellen said the two economists had developed an economic model to explore whether long periods of relative economic stability led to excessive risk-taking and financial imbalances that damaged the economy when they were unwound.
