Lars E. O. Svensson
Encyclopedia
Lars E. O. Svensson, born 1947, is an Swedish
economist
on the faculty of Princeton University
. He has published significant research in macroeconomics
, especially monetary economics, international trade
and general equilibrium theory. He is among the most influential economists in the world according to IDEAS/RePEc
. He is a well-known proponent of inflation targeting
, a topic on which he published significant research.
Since 2007 he is on leave from the University as he took the position of deputy governor
of the Sveriges Riksbank
(the central bank of Sweden
).
He is also notable for advocating and implementing the world's first negative interest rate among central bank
s at the Riksbank in July 2009.
in Stockholm
and his B.A. in economics, economic history and mathematics in 1973 at the Stockholm University
. After studying as a Special Graduate Student in economics at the Massachusetts Institute of Technology
in 1974-75, he received his Ph.D. from the Stockholm University in 1976.
Between 1975-84 Svensson was a Research Fellow of the Institute for International Economic Studies at the Stockholm University and, until 2001, he was a professor of international economics at the same Institute. Since 2001 he is a professor of economics at Princeton University. Before joining the Sveriges Riksbank as a deputy governor, in 2007, he acted as an advisor for many organizations, including the World Bank
, the Federal Reserve Bank of New York
and the Reserve Bank of New Zealand
.
He is a member of the Royal Swedish Academy of Sciences
since 1989 and a fellow of the Econometric Society
.
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
on the faculty of Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
. He has published significant research in macroeconomics
Macroeconomics
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...
, especially monetary economics, international trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
and general equilibrium theory. He is among the most influential economists in the world according to IDEAS/RePEc
Řepeč
Řepeč is a village and municipality in Tábor District in the South Bohemian Region of the Czech Republic.The municipality covers an area of , and has a population of 267 ....
. He is a well-known proponent of inflation targeting
Inflation targeting
Inflation targeting is an economic policy in which a central bank estimates and makes public a projected, or "target", inflation rate and then attempts to steer actual inflation towards the target through the use of interest rate changes and other monetary tools.Because interest rates and the...
, a topic on which he published significant research.
Since 2007 he is on leave from the University as he took the position of deputy governor
Deputy Governor
A Deputy governor is a gubernatorial official who is subordinated to a governor, rather like a Lieutenant governor.-British colonial cases:In the British empire, there were such colonial offices in :...
of the Sveriges Riksbank
Sveriges Riksbank
Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and the world's oldest central bank. It is sometimes called the Swedish National Bank or the Bank of Sweden .-History:...
(the central bank of Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
).
He is also notable for advocating and implementing the world's first negative interest rate among central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
s at the Riksbank in July 2009.
Career
Lars Svensson earned his M.S. in mathematics in 1971 from the School of Applied Mathematics at the Royal Institute of TechnologyRoyal Institute of Technology
The Royal Institute of Technology is a university in Stockholm, Sweden. KTH was founded in 1827 as Sweden's first polytechnic and is one of Scandinavia's largest institutions of higher education in technology. KTH accounts for one-third of Sweden’s technical research and engineering education...
in Stockholm
Stockholm
Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
and his B.A. in economics, economic history and mathematics in 1973 at the Stockholm University
Stockholm University
Stockholm University is a state university in Stockholm, Sweden. It has over 28,000 students at four faculties, making it one of the largest universities in Scandinavia. The institution is also frequently regarded as one of the top 100 universities in the world...
. After studying as a Special Graduate Student in economics at the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
in 1974-75, he received his Ph.D. from the Stockholm University in 1976.
Between 1975-84 Svensson was a Research Fellow of the Institute for International Economic Studies at the Stockholm University and, until 2001, he was a professor of international economics at the same Institute. Since 2001 he is a professor of economics at Princeton University. Before joining the Sveriges Riksbank as a deputy governor, in 2007, he acted as an advisor for many organizations, including the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
and the Reserve Bank of New Zealand
Reserve Bank of New Zealand
The Reserve Bank of New Zealand is the central bank of New Zealand and is constituted under the Reserve Bank of New Zealand Act 1989. The Governor of the Reserve Bank is responsible for New Zealand's currency and operating monetary policy. The Bank's current Governor is Dr. Alan Bollard...
.
He is a member of the Royal Swedish Academy of Sciences
Royal Swedish Academy of Sciences
The Royal Swedish Academy of Sciences or Kungliga Vetenskapsakademien is one of the Royal Academies of Sweden. The Academy is an independent, non-governmental scientific organization which acts to promote the sciences, primarily the natural sciences and mathematics.The Academy was founded on 2...
since 1989 and a fellow of the Econometric Society
Econometric Society
The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics. It was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio....
.