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Robert Alexander Mundell, CC (born October 24, 1932) is a Nobel Prizewinning Canadian economist. Mundell is a professor of economics at Columbia
University and the Chinese University of Hong Kong.
He received the Nobel Memorial Prize in Economics in 1999 for his pioneering
work in monetary dynamics and optimum currency areas. Mundell is known as the
"father" of the euro, as he laid the groundwork for its introduction through this
work and helped to start the movement known as supply-side economics. Mundell
is also known for the MundellFleming model and MundellTobin effect.
About him
MundellTobin effect
Awards
Mundell was awarded the Guggenheim Fellowship in 1971 and the Nobel
Memorial Prize in Economics in 1999. In 2002 he was made a Companion of the
Order of Canada.
In 1992, Mundell received the Docteur Honoris Causa from the University of
Paris. Mundell's honorary professorships and fellowships were from Brookings
Institution, the University of Chicago, the University of Southern California,
McGill University, the University of Pennsylvania, the Bologna Center and
Renmin University of China. He became a fellow of the American Academy of
Arts and Sciences in 1998. In June 2005 he was awarded the Global Economics
Prize World Economics Institute in Kiel, Germany and in September 2005 he was
made a Cavaliere di Gran Croce del Reale Ordine del Merito sotto il Titolo di San
Ludovico by Principe Don Carlo Ugo di Borbone Parma.
The Mundell International University of Entrepreneurship in the Zhongguancun
district of Beijing, People's Republic of China is named in his honor.
Mundell is best known in politics for his support of tax cuts and supply-side
economics; however, in economics it is for his work on currency areas and
international exchange rates that he was awarded the Sveriges Riksbank Prize in
Economic Sciences in Memory of Alfred Nobel by the Bank of Sweden
(SverigesRiksbank). Nevertheless, supply-side economics featured prominently in
his Bank of Sweden prize speech.
In the 1960s, Canada, of which Mundell is a native, floated its exchange: this
caused Mundell to begin investigating the results of floating exchange rates, a
phenomenon not widely seen since the 1930s "Stockholm School" successfully
lobbied Sweden to leave the gold standard.
In 1962, along with Marcus Fleming, he co-authored the MundellFleming model
of exchange rates, and noted that it was impossible to have domestic autonomy,
fixed exchange rates, and free capital flows: no more than two of those objectives
could be met. The model is, in effect, an extension of the IS/LM model applied to
currency rates.
Robert Mundell and the Theoretical Foundation for the
European Monetary Union
Mundell won the Nobel Memorial Prize in Economic Science in 1999 and gave as
his prize lecture a speech titled "A Reconsideration of the Twentieth Century".
According to the Nobel Prize Committee, he got the honor for "his analysis of
monetary and fiscal policy under different exchange rate regimes and his analysis
of optimum currency areas".
Mundell concluded in that lecture that "the international monetary system depends
only on the power configuration of the countries that make it up". With the
destruction of the old monetary system, a new international monetary system was
finally founded. Controlling inflation by each country became a main topic during
this era.
Robert Mundell laid the theoretical foundations for the European Monetary
Union. His theory of optimum currency areas, highlighted in the Nobel