Last year's winner of the Nobel Prize for Economics Thomas Sargent, a professor at New York University, will teach for two years at Seoul National University from the second semester of this academic year.
This is the first time a Nobel laureate teaches as a full-time faculty member in Korea.
Sargent (69) won the prize along with Christopher Sims of Princeton University for their study of the causal relationship between macroeconomic policies and economic contribution.
He graduated from UC Berkeley and received a PhD from Harvard University. He taught at Minnesota, Chicago and Stanford and moved to New York University in 2002. He has also worked as an advisor to the Bank of Korea since 2007.
His salary package at SNU reportedly consists of an annual salary of W500 million plus W700-800 million in annual research funding and W200 million for additional expenses.