professor of economics, Columbia University, New York,
recipient, 1999 Alfred Nobel Memorial Prize in Economic Sciences
Robert Mundell won the Nobel Memorial Prize in 1999 for his groundbreaking work in the 1960s examining the way money moves through open economies and the international currency market. He prepared one of the first plans for a common currency in Europe and is known as the father of the theory of optimum currency areas.
After studying at MIT and the London School of Economics, Mundell received his Ph.D. from MIT in 1956 and went on to post-doctoral work in political economy at the University of Chicago. The Canadian-born economist taught at Stanford and the Johns Hopkins Bologna Center for Advanced International Studies before joining the research staff of the International Monetary Fund in 1961. In 1963 he published a pioneering article on the short-term effects of monetary and fiscal policy in an open economy, which, several decades later, is still highly relevant. After teaching at the University of Chicago (1966-1971) and editing the Journal of Political Economy, he joined the faculty at Columbia in 1974. Mundell has been an adviser to a number of international agencies and organizations, including the United Nations, IMF, World Bank, European Commission, and several governments in Latin America and Europe as well as the U.S. Treasury and the government of Canada. His writings comprise more than 100 articles in scholarly and policy journals and three books, including Monetary Theory: Interest, Inflation and Growth in the World Economy (1971).
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