Background
He was born in Stavanger as a son of shoemaker Ole Nilssen Rygg (1842–1908) and Ane Severine Larsdatter (1841–1913).
economist historian statistician
He was born in Stavanger as a son of shoemaker Ole Nilssen Rygg (1842–1908) and Ane Severine Larsdatter (1841–1913).
He finished his secondary education in 1889, and graduated from the Royal Frederick University with the candidate.jur.
He was a brother of journalist Andreas Nilsen Rygg. degree in 1894. He was a deputy judge in Vesterålen District Court before studying economics in Göttingen and Genève in 1896 to 1897, later statistics in the United States from 1904 to 1905. He worked in Statistics Norway from 1898, and from 1907 he doubled as secretary in Statistics Norway and research fellow at the Royal Frederick University.
His special field was social statistics, and he also chaired Norsk Forening for Socialt Arbeide from 1909 to 1915.
From 1910 to 1913 he was a professor at the Royal Frederick University in economics and statistics. Important publications include Den norske Creditbank.
1857–1907 (with Ebbe Hertzberg, 1907) and Norges Banks historie. Delegate 1. 1816–1850 (1918), histories on Den norske Creditbank and the Central Bank of Norway.
From 1913 to 1920 he served as the director of Statistics Norway.
In November 1920 he took over as Governor of the Central Bank of Norway. Norway experienced a serious financial and banking crisis during the 1920s. Rygg spearheaded the "par policy", in which the goal was to lead the NOK value back to pre-World War I level
In 1928 the Norwegian krone was finally connected to the gold standard, but this only lasted until 1931.
In 1931–1932, the Central Bank also averted a serious banking crisis. Rygg was regarded as an active financial politician, and as being a more independent bank governor than his successors.
After retiring as Central Bank Governor at the age of 74, he returned to his academic writing. He released Norges Bank i mellomkrigstiden in 1950 and Norges Banks historie.
Delegate World War II 1850–1920 in 1954.
He was a fellow of the Norwegian Academy of Science and Letters.
He is also known for pressuring opposition leader Johan Ludwig Mowinckel to file a vote of no confidence against the socialist Hornsrud"s Cabinet in February 1928.
Norwegian Academy of Science and Letters.