Lawrence H. Summers Lawrence H. Summers took office as the 27th president of Harvard University on July 1, 2001. Mr. Summers is the former Nathaniel Ropes Professor of Political Economy at Harvard, and in the past decade has served in a series of senior public policy positions, most recently as Secretary of the U.S. Treasury. Mr. Summers received a bachelor of science degree from the Massachusetts Institute of Technology in 1975, following which he began his Harvard career as a doctoral student in economics. In 1979, he was appointed assistant professor in the economics fac- ulty and, in 1982, was awarded a Ph.D. and also appointed asso- ciate professor. He then went to Washington as a domestic policy economist for the President's Council of Economic Advisers. In 1983, he returned to Harvard as a professor of economics, one of the youngest tenured members of the university's faculty in recent history. While on the faculty, he taught undergraduate and graduate courses in macroeconomics and public finance and was an adviser to numerous graduate students who have them- selves gone on to become leading economists. He also served as an editor of the Quarterly Journal of Economics. In 1987, Mr. Summers became the first social scientist to receive the annual Alan T. Waterman Award of the National Science Foun- dation (NSF), established by Congress to honor an exceptional young U.S. scientist or engineer whose work demonstrates origi- nality, innovation, and significant impact. In 1993, Mr. Summers
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©International Monetary Fund. Not for Redistribution 22 PER JACOBSSON LECTURE was awarded the John Bates Clark Medal, given every two years by the American Economic Association (AEA) to an outstanding American economist under the age of 40. Mr. Summers took leave from Harvard in 1991 to return to Washington, this time as Vice-President of Development Eco- nomics and Chief Economist at the World Bank. In that position, he played a key role in designing strategies to assist developing countries; served on the bank's loan committee; and guided the bank's research, statistics, and external training programs. In 1993, Mr. Summers was named Undersecretary of the U.S. Treasury for International Affairs and, in 1995, Deputy Secretary. During this time, Mr. Summers played a central role in a broad array of economic, financial, and tax matters, both international and domestic, and worked closely with Secretary Rubin and Alan Greenspan, Chairman of the Federal Reserve System, in crafting government policy responses to financial crises in major devel- oping countries. On July 2, 1999, Mr. Summers was confirmed by the Senate as Secretary of the U.S. Treasury. In that capacity, he served as the principal economic adviser to President Clinton and as the Chief Financial Officer of the U.S. government. At the end of his term as Treasury Secretary, Mr. Summers was awarded the Alexander Hamilton Medal, the Treasury Department's highest honor. After leaving the Treasury Department in January 2001, Mr. Summers served as the Arthur Okun Distinguished Fellow in Eco- nomics, Globalization, and Governance at the Brookings Institu- tion in Washington. Mr. Summers's many publications include Understanding Un- employment (1990) and Reform in Eastern Europe (1991, co- authored with others), as well as more than 100 articles in profes- sional economics journals. He also edited the series Tax Policy and the Economy. In 2000, Mr. Summers presented the AEA's prestigious Ely Lecture, "International Financial Crises: Causes, Preventions, and Cures." In 2002, Mr. Summers was elected to the National Academy of Sciences, a private organization of scientists and engineers dedicated to the furtherance of science and its use for general welfare. Born in New Haven, Connecticut, on November 30, 1954, Mr. Summers spent most of his childhood in Penn Valley, Pennsylva- nia, a suburb of Philadelphia.
©International Monetary Fund. Not for Redistribution The Per Jacobsson Lectures
2004 The US. Currant Account Deficit and the1 Global Economy. Lecture by Lawrence H. Summers. Some Neil'Directions far Financial Stability? lecture by C.A.E. Goodhart, CUE (Zurich), 2003 The Arab World: Performance and Prospects. Lecture by Abdlatil Yousef Al-Hamad (Dubai). 2002 The Bootn-Bttst Capital Spending Cycle in ihe United States: Lessons Learned. Lecture by E. Gerald Corrigan. Recent Emerging Market Crises: What Have We Learned? Lecture by Guillermo Ortiz (Basel). 2001 N'n lecture took phice tint,' lo the cancellation of the Annual Meetings of the IMF and the World Hank. 2000 Ten Years On—Some tessonsjrvm the Transition. Lecture by Josef Tosovsky (Prague). Strengthening the Resilience of Financial Systems. Symposium panelists: Peter B. Kencn, Arminio Fraga, and Jacques tie Larosiere (Lucerne). 1999 The Past and Future of European integration—A Central Banker's Vfeti'. Lecture by Willem F. Du is en berg. 1998 Managing the International {•cfinoniv in the Age of Globalization. Lecture by Peter D. Sutherland. 1997 Asian Monetary Cooperation, Lecture by Joseph C.K. Yam. CBE. JP (Hong Kong). 1996 financing Development in a World of Private Capital Mows; The Challenge for International Financial Institutions in Working it'ith ihe Private Hector. Lecture by Jacques de Larosiere 1995 Economic Transformation. The Tasks Stilt Ahead. Symposium panelists- Jan Svejnar, Oleh I-lavrylyshyn, and Sergei K. Dubinin. 1994 Central Banking in Transition. Lecture by Byron Alexandre Lamfaltissy (London). Capital Flows to Emerging Countries: Are They Sustainable? Lei'lure by Guillermo de la Dehesa (Madrid). 1993 Latin America: Economic and Social Transition to the Twenty-First Centiny. Lecture by Enrique V. [glesias. 1992 A Neil- Monetary Order for Europe. Lecture by Karl Otto Pohl. 1991 The Road io European Monetary Union-. Lessons from the Bretton Woods Regime. Lecture by Alexander K. Swoboda (Basel). i'rit'tilizaiiwi: t-'inancial Choices and Opportunities. Lecture by Amnuay Viravan (Bangkok). 1990 The Triumph of Central Banking? Lecture by Paul A. Volcker. 1989 Promoting Successful AeljHsttnent; 'Ibe Experience of Ghana. Lecture by J.L.S. Abbey, Economic Rtmirtic til ring in Neu,' Zealand Since l')fi
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©International Monetary Fund. Not for Redistribution 24 THE PER JACOBSSON LECTURES
1983 Developing a New International Monetary System: A Long-Term View. Lecture by H. Johannes Witteveen. 1982 Monetary Policy: Finding a Place to Stand. Lecture by Gerald K. Bouey (Toronto). 1981 Central Banking with the Benefit of Hindsight. Lecture by Jelle Zijlstra; com- mentary by Albert Adomakoh. 1980 Reflections on the International Monetary System. Lecture by Guillaume Guindey; commentary by Charles A. Coombs (Basel). 1979 The Anguish of Central Banking. Lecture by Arthur F. Burns; commentaries by Milutin Cirovic and Jacques J. Polak (Belgrade). 1978 The International Capital Market and the International Monetary System. Lecture by Gabriel Hauge and Erik Hoffmeyer; commentary by Lord Roll of Ipsden. 1977 The International Monetary System in Operation. Lectures by Wilfried Guth and Sir Arthur Lewis. 1976 Why Banks Are Unpopular. Lecture by Guido Carli; commentary by Milton Gilbert (Basel). 1975 Emerging Arrangements in International Payments: Public and Private. Lecture by Alfred Hayes; commentaries by Khodadad Farmanfarmaian, Carlos Massad, and Claudio Segre. 1974 Steps to International Monetary Order. Lectures by Conrad J. Oort and Puey Ungphakorn; commentaries by Saburo Okita and William McChesney Martin (Tokyo). 1973 Inflation and the International Monetary System. Lecture by Otmar Emminger; commentaries by Adolfo Diz and Janos Fekete (Basel). 1972 The Monetary Crisis of 1971: The Lessons to Be Learned. Lecture by Henry C. Wallich; commentaries by C.J. Morse and I.G. Patel. 1971 International Capital Movements: Past, Present, Future. Lecture by Sir Eric Roll; commentaries by Henry H. Fowler and Wilfried Guth. 1970 Toward a World Central Bank? Lecture by William McChesney Martin; com- mentaries by Karl Blessing, Alfredo Machado Gomez, and Harry G. Johnson (Basel). 1969 The Role of Monetary Gold over the Next Ten Years. Lecture by Alexandre Lamfalussy; commentaries by Wilfrid Baumgartner, Guido Carli, and L.K. Jha. 1968 Central Banking and Economic Integration. Lecture by M.W. Holtrop; com- mentary by Lord Cromer (Stockholm). 1967 Economic Development: The Banking Aspects. Lecture by David Rockefeller; com- mentaries by Felipe Herrera and Shigeo Horie (Rio de Janeiro). 1966 The Role of the Central Banker Today. Lecture by Louis Rasminsky; commen- taries by Donato Menichella, Stefano Siglienti, Marcus Wallenberg, and Franz Aschinger (Rome). 1965 The Balance Between Monetary Policy and Other Instruments of Economic Policy in a Modern Society. Lectures by CD. Deshmukh and Robert V. Roosa. 1964 Economic Growth and Monetary Stability. Lectures by Maurice Frere and Rodrigo Gomez (Basel). The Per Jacobsson lectures from 1979 through 2004 are available on the Internet at www.perjacobsson.org, which also contains further information on the Foundation. Subject to availability, copies of the Per Jacobsson lectures from 1990 through 2004 may be acquired without charge from the Secretary. The Per Jacobsson lectures from 1964 through 1978 may be obtained for a fee from the ProQuest Company, 300 North Zeeb Road, Ann Arbor, MI 48106-1346; Tel: (734) 761-4700 or (800) 521-3042; Fax: (734) 761-3940 or (800) 864-0019.
©International Monetary Fund. Not for Redistribution The Per Jacobsson Foundation
Honorary Chairmen: Eugene R. Black Marcus Wallenberg Past Chairmen: W. Randolph Burgess William McC. Martin Sir Jeremy Morse Jacques de Larosiere Past Presidents: Frank A. Southard, Jr. Jacques J. Polak
Founding Sponsors Hermann J. Abs Viscount Harcourt Jean Monnet Roger Auboin Gabriel Hauge Walter Muller Wilfrid Baumgartner Carl Otto Henriques Juan Pardo Heeren S. Clark Beise MW. Holtrop Federico Pinedo B.M. Birla Shigeo Horie Abdul Qadir Rudolf Brinckmann Clarence E. Hunter Sven Raab Lord Cobbold H.V.R. Iengar David Rockefeller Miguel Cuaderno Kaoru Inouye Lord Salter R.v. Fieandt Albert E. Janssen Pierre-Paul Schweitzer Maurice Frere Raffaele Mattioli Samuel Schweizer E.C. Fussell JJ. McElligott Allan Sproul Aly Gritly Johan Melander Wilhelm Teufenstein Eugenio Gudin Donato Menichella Graham Towers Gottfried Haberler Emmanuel Monick Joseph H. Willits
Board of Directors Sir Andrew D. Crockett — Chairman of the Board Abdlatif Y. Al-Hamad Enrique V. Iglesias Nancy Birdsall Malcolm D. Knight Michel Camdessus Horst Kohler E. Gerald Corrigan Edwin M. Truman Rodrigo de Rato Leo Van Houtven Toyoo Gyohten Jacob Wallenberg
Officers Leo Van Houtven — President Graham Hacche — Vice-President and Secretary G. Michael Fitzpatrick — Treasurer
©International Monetary Fund. Not for Redistribution