 Ben Bernanke, Chairman of the Fed at the time of the nomination, was once a student of Diamond.In October 2010, Diamond was awarded the Nobel Prize in Economic Sciences, along with Dale T. Mortensen from Northwestern University and Christopher A. Pissarides from the London School of Economics "for their analysis of markets with search frictions".In 2011 he received The John R. Commons Award from Omicron Delta Epsilon, the economics honor society.