One of President Obama's stalled nominees to join the Federal Reserve's Board of Governors won a share of the Nobel Prize in economics on Monday.

Peter Diamond, a professor at the Massachusetts Institute of Technology (MIT), received the award along with Dale Mortensen of Northwestern University and Christopher Pissarides of the London School of Economics "for their analysis of markets with search frictions," according to the Nobel committee's citation.

Obama announced his intention to nominate Diamond as a governor of the Federal Reserve Board in late April. The Senate Banking Committee approved his nomination, along with several other nominees, in late July, but Diamond's nomination stalled before moving to a vote for full confirmation.

The ranking member of the Banking Committee, Sen. Richard Shelby (R-Ala.), exercised a procedural maneuver to send Diamond's nomination back to the White House, forcing President Obama to renominate the MIT professor, according to an account by The New York Times.

Shelby objected to Diamond's nomination to the Federal Reserve, which controls monetary policy in the United States, for lack of experience in macroeconomics.