Lars Erik Oscar Svensson, is a

Swedish Swedish or ' may refer to: Anything from or related to Sweden, a country in Northern Europe. Or, specifically: * Swedish language, a North Germanic language spoken primarily in Sweden and Finland ** Swedish alphabet, the official alphabet used by ...

economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...

. He was on the faculty of

Princeton University Princeton University is a private university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial ...

2001–2009. Since June 2014, he is Affiliated Professor at the

Stockholm School of Economics The Stockholm School of Economics (SSE; , HHS) is a private business school located in city district Vasastaden in the central part of Stockholm, Sweden. SSE offers BSc, MSc and MBA programs, along with PhD- and Executive education progr ...

. Since 2009 he is Affiliated Professor at Stockholm University. He has published significant research in

macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (econ ...

, especially

monetary economics Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (as medium of exchange, store of value, and unit of account), and it considers how m ...

international trade International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (See: World economy.) In most countries, such trade represents a significan ...

and

general equilibrium theory In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an ov ...

. He is among the most influential economists in the world according to

IDEAS/RePEc Research Papers in Economics (RePEc) is a collaborative effort of hundreds of volunteers in many countries to enhance the dissemination of research in economics. The heart of the project is a decentralized database of working papers, preprints, ...

. He is a well-known proponent of price path targeting, a topic on which he published significant research. During 2007–2013 he was a deputy governor of the

Sveriges Riksbank Sveriges Riksbank, or simply the Riksbank, is the central bank of Sweden. Founded in 1668, it is the world's oldest surviving central bank, and the third oldest bank in continuous operation. Prior to World War I, it was also the only state- ...

(the central bank of

Sweden Sweden, formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic count ...

). From 2009 he dissented and advocated a more expansionary monetary policy for Sweden, since the unemployment rate was high and inflation fell far below the Riksbank's inflation target. He is also notable for advocating a slightly

negative interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, t ...

among

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

s at the Riksbank in July 2009.

Early life and education

Svensson earned his M.S. in mathematics in 1971 from the School of Applied Mathematics at the

Royal Institute of Technology KTH Royal Institute of Technology (), abbreviated KTH, is a public research university in Stockholm, Sweden. KTH conducts research and education in engineering and technology and is Sweden's largest technical university. Since 2018, KTH consist ...

Stockholm Stockholm (; ) is the Capital city, capital and List of urban areas in Sweden by population, most populous city of Sweden, as well as the List of urban areas in the Nordic countries, largest urban area in the Nordic countries. Approximately ...

and his B.A. in economics, economic history and mathematics in 1973 at the

Stockholm University Stockholm University (SU) () is a public university, public research university in Stockholm, Sweden, founded as a college in 1878, with university status since 1960. With over 33,000 students at four different faculties: law, humanities, social ...

. After studying as a Special Graduate Student in economics at the

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a Private university, private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of moder ...

in 1974–75, he received his Ph.D. from the Stockholm University in 1976.

Career

Between 1975 and 1984 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. During 2001–2009 he was a professor of economics at Princeton University. Before joining the Sveriges Riksbank as a deputy governor, in 2007, for a six-year term period, he acted as an advisor for many organizations, including the

World Bank The World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...

, the

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 responsible for the Second District of the Federal Reserve System, which encompasses the New York (state), State of New York, the 12 norther ...

and the

Reserve Bank of New Zealand The Reserve Bank of New Zealand (RBNZ) () is the central bank of New Zealand. It was established in 1934 and is currently constituted under the ''Reserve Bank of New Zealand Act 2021''. The current acting governor of the Reserve Bank, Christian ...

. He left the Riksbank in 2013. From 2009 he is an affiliated professor at the Institute for International Economic Studies, Stockholm University. Svensson was the recipient of the Great Gold Medal of the Royal Swedish Academy of Engineering Sciences in 2012. He is a member of the

Royal Swedish Academy of Sciences The Royal Swedish Academy of Sciences () is one of the Swedish Royal Academies, royal academies of Sweden. Founded on 2 June 1739, it is an independent, non-governmental scientific organization that takes special responsibility for promoting nat ...

since 1989, a fellow of the

Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...

and a fellow of the

European Economic Association The European Economic Association (EEA) is a learned society, professional academic body which links European economists. It was founded in the mid-1980s. Its first annual congress was in 1986 in Vienna and its first president was Jacques Drèze. ...

Other activities

European Systemic Risk Board The European Systemic Risk Board (ESRB) is a group established on 16 December 2010 in response to the euro area crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to ...

(ESRB), Member of the Advisory Scientific Committee since April 2019Advisory Scientific Committee (ASC)

(ESRB).

References

External links

Lars E.O. Svensson's homepage
{{DEFAULTSORT:Svensson, Lars E.O. Swedish economists Monetary economists KTH Royal Institute of Technology alumni Stockholm University alumni Members of the Royal Swedish Academy of Sciences Fellows of the Econometric Society Fellows of the American Academy of Arts and Sciences Princeton University faculty 1947 births Living people Fellows of the European Economic Association