Lars E.O. Svensson

Personal web

Professor Lars E.O. Svensson is an Affiliated Professor at the IIES, since June 2009 and Visiting Professor at the Stockholm School of Economics since May 2013. He was Deputy Governor of Sveriges Riksbank (the central bank of Sweden) during May 2007- May 2013, Professor of Economics at Princeton University during 2001-2009, and Professor of International Economics at the Institute for International Economic Studies, Stockholm University during 1984-2003. He has published extensively in scholarly journals on monetary economics and monetary policy, exchange-rate theory and policy, and general international macroeconomics.  He has lectured and visited at universities, central banks, and international organizations in many countries. He received his Ph.D. in economics from Stockholm University.
He received the Great Gold Medal of the Royal Swedish Academy of Engineering Sciences in 2012. He is a foreign honorary member of the American Economic Association, a member of the Royal Swedish Academy of Sciences, a member of Academia Europaea, a foreign member of the Finnish Academy of Science and Letters, a foreign honorary member of the American Academy of Arts and Sciences, an honorary member of the Latin American and Caribbean Economic Association, a fellow of the Econometric Society, a fellow of the European Economic Association, a research associate of the National Bureau of Economic Research, and a research fellow of the Centre for Economic Policy Research, London.  He was chair of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences during 1999-2001, member during 1993-2002, and secretary during 1988-1992.
He was active as advisor to Sveriges Riksbank during 1990-2007 and was a member of the Monetary Policy Advisory Board and the Economic Advisory Panel of the Federal Reserve Bank of New York from 2004 until his appointment as Deputy Governor of the Riksbank.  He has regularly consulted for international, U.S., and Swedish agencies and organizations.  In 2000-2001 he undertook a review of monetary policy in New Zealand, commissioned by the New Zealand government, and in 2002 he chaired a committee reviewing monetary policy in Norway.

Three recent papers:

  • "Some Lessons from Six Years of Practical Inflation Targeting", paper for the Riksbank conference on "Two Decades of Inflation Targeting: Main Lessons and Remaining Challenges", June 3, 2013.
  • "The Possible Unemployment Cost of Average Inflation below a Credible Target", revised April 2013.
  • "Practical Monetary Policy: Examples from Sweden and the United States", Brookings Papers on Economic Activity, Fall 2011, pp. 289-332.

Five most cited works (Google Scholar):

  • "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets", European Economic Review, 41:6, 1997.
  • "Open-economy Inflation Targeting", Journal of International Economics, 50:1, 2000.
  • "Inflation Targeting as a Monetary Policy Rule", Journal of Monetary Economics, 43:3. 1999.
  • "Policy Rules for Inflation Targeting" (with Glenn Rudebusch) – in John B. Taylor (ed.), Monetary Policy Rules, Chicago: University of Chicago Press, 1999.
  • "Why a Stubborn Conservative would run a Deficit: Policy with Time-inconsistent Preferences", Quarterly Journal of Economics, 104:2, 1989 (with Torsten Persson).