In June 1997, Diamond was named an Institute Professor, the highest honor the MIT faculty can bestow upon a colleague.
Diamond has applied his research interests in the service of the U.S. government, working on the Senate Finance Committee’s Panel on Social Security Financing in the mid-1970s and on panels of technical experts consulting to the President’s Advisory Councils on Social Security.
Diamond is the author of A Search Equilibrium Approach to the Micro Foundations of Macro-economics (MIT Press); On Time (Cambridge University Press); Social Security Reform (Oxford University Press); Taxation, Incomplete Markets and Social Security (MIT Press); and the forthcoming Saving Social Security: A Balanced Approach (with Peter R. Orszag, Brookings Institution). He is the author of many articles and is formerly co-editor of the Journal of Public Economics.
Among Diamond’s many honors are the Erwin Plein Nemmers Prize in Economics from Northwestern University, recognizing his work for opening “new and exciting fields of research, setting both a standard and a direction for other economists.”
He has been a research associate of the National Bureau of Economic Research since 1991, and was a founding member of the National Academy of Social Insurance in 1988.
He was elected to membership in the National Academy of Sciences in 1984. He was elected as a fellow of the American Academy of Arts and Sciences in 1978 and a fellow of the Econometric Society in 1968.
He is currently president of the American Economic Association and has been president of both the Econometric Society and the National Academy of Social Insurance.