Member of the Royal Swedish Academy of Engineering Sciences 1970-; of the Royal Academy of Sciences 1971-; of the Finnish Academy of Sciences 1972- of the Danish Academy of Sciences; of the Norwegian Academy of Sciences, 1995-. Honorary Member of The American Economic Association; Fellow of The Econometric Society; Honorary Doctor of Science (Economics), London University 1988; Honorary Doctor of the University of Helsinki. Foreign Honorary Member, American Academy of Arts and Sciences 1989; Member of the Committee for Prize in Economic Science in Memory of Alfred Nobel 1969-1994 (Chairman 1980-94); Member of Academia Europaea 1988-. Member of Advisory Board of European Bank for Reconstruction and Development (EBRD) London 1991-1993. Member of Advisory Board of Center for Economic Policy Research (CERP) London 1992-.President of the European Economic Association 1991. Honorary Doctor of the University of Iceland 2006.

The Ann-Kersti and Carl-Hakon Swenson Prize 2011 for research in the Humanities and Social Sciences awarded by The Royal Academy of
Letters, History and Antiquities (Kungl. Vitterhetsakademien).

The Myrdal Prize of 2010 for best article of the year in Ekonomisk Debatt – “Lärdomar av finanskrisen” (Lessons from the Financial Crisis) –
awarded by the Swedbank.

The Great Gold Medal of the Royal Swedish Academy of Engineering Sciences, 2001.

The Frank E. Seidman Distinguished Award in Political Economy 1996, Rhodes College, Memphis.

The Bernard Harms Prize in international economics of 1996, Kiel Institute.

The Söderberg Prize 1987 for contributions to economic or legal research.

Cultural Prize from Natur och Kultur (publishing house) 1981.

Prize from the Olle Engkvist Foundation 1980 for scholarly work.

Popular science publication award, donated by the Albert Bonnier Centennial Memorial Foundation 1978.

The Herbert Tingsten Prize 1977 for important contribution in the spirit of Herbert Tingsten.

The Arnberg Prize 1964 from the Royal Swedish Academy of Sciences for the dissertation "A study in monetary analysis" published 1963.

The Erik Lindahl Prize 1963 awarded to younger Swedish researchers in economics.