- Robert Mundell
name = Robert Mundell
image_size = 180px
birth_date = Birth date and age|1932|10|24|mf=y
birth_place = Kingston,
University of British Columbia Massachusetts Institute of Technology
Rudi Dornbusch Jacob Frenkel Michael Mussa
Mundell-Fleming model Optimum currency areas
Research on the
Nobel Prize in Economics(1999)
Robert Alexander Mundell C.C. (born
October 24, 1932) is a professor of economics at Columbia University. Mundell was born in Canadaand is a graduate of the University of British Columbiain Vancouver. He attended the Massachusetts Institute of Technology(MIT), where he obtained his PhD in Economicsin 1956. He also attended the London School of Economicsand was a top performer in his years there. He went on to win the 1999 Nobel Prize in Economics. Since 1974 he has been a professor in the Economics department at Columbia University; since 2001 he has held Columbia's highest academic rank - University Professor. He was also economics professor at McGill Universityand the Paul H. Nitze School of Advanced International Studies, Johns Hopkins University. In 2002 he was made a Companion of the Order of Canada. Robert Mundell, chair of economics at University of Waterlooin the 1970s, laid the groundwork for the introduction of the eurothrough his pioneering work in monetary dynamics and optimum currency forms for which he won the 1999 Nobel Prize in Economics.
In June 2005 he was awarded the Global Economics Prize World Economics Institute in
Kiel, Germanyand 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.
Mundell International University of Entrepreneurshipin the Zhongguancundistrict of Beijing, People's Republic of Chinais named in his honor.
Among his major contributions are:
* Theoretical work on
optimum currency areas.
* Contributions to the development of the
* Helped start the movement known as
* Historical research on the operation of the
gold standardin different eras.
* Predicted the
inflationof the 1970s.
International monetary flows
Mundell is best known in politics for his support of
tax cuts and supply-side economics; however, among economists it is his work on currency areas and international exchange rates which caused him to be awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel by the Bank of Sweden ( Sveriges Riksbank). 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 Swedento leave the gold standard.
In 1962, along with
Marcus Fleming, he co-authored the Mundell-Fleming modelof exchange rates, and noted that it was impossible to have domestic autonomy, price stability, "and" free capital flows - that two, and only two, of these objectives could be met. The model is, in effect, an extension of the IS/LM modelapplied to currency rates.
According to Mundell's analysis:
* Discipline under the
Bretton Woods systemwas more due to the US Federal Reserve than to the discipline of gold.
* Demand side
fiscal policywould be ineffective in restraining central banks under a floating exchange rate system.
* Single currency zones relied, therefore, on similar levels of price stability, where a single monetary policy would suffice for all.
His analysis led to his conclusion that it was a disagreement between
Europeand the United Statesover the rate of inflation, partially to finance the Vietnam War, and that Bretton Woods disintegrated because of the undervaluing of gold and the consequent monetary discipline breakdown. There is a famous point/counter-point over this issue between Mundell and Milton Friedman. [ [http://www.irpp.org/po/archive/may01/friedman.pdf Mundell-Friedman debate] ]
This work would later lead to the creation of the
euro, and his prediction that leaving the Bretton Woods system would lead to " stagflation" so long as highly progressive income tax rates applied. In 1974 he advocated a drastic tax reduction and a flattening of income tax rates.
Mundell, though lionized by some conservatives, has many of his harshest critics from the right: he denies the need for a fixed gold based currency or currency board Fact|date=July 2007- though he often recommends this as a policy in hyper-inflationary environments - and he is both a fiscal and
balance of paymentsdeficit hawk. He is well known for stating that in a floating exchange rate system, expansion of the money supply can only come about through a positive balance of payments.
Robert Mundell has appeared on
CBS's Late Show with David Letterman. His first appearance was in October 2002 [ [http://www.cbs.com/latenight/lateshow/exclusives/wahoo/archive/2002/10/archive17.shtml show #1891] ] where he gave The Top 10 List on "Ways My Life has Changed Since Winning the Nobel Prize." In March of 2004 [ [http://www.cbs.com/latenight/lateshow/exclusives/wahoo/archive/2004/03/archive29.shtml show #2144] ] he told "You might be a redneck" jokes followed in May of 2004 [ [http://www.cbs.com/latenight/lateshow/exclusives/wahoo/archive/2004/05/archive04.shtml show #2162] ] with "Yo Mama" jokes. In September of 2004 [ [http://www.cbs.com/latenight/lateshow/exclusives/wahoo/archive/2004/09/archive22.shtml show # 2238] ] he appeared again, this time to read excerpts from Paris Hilton's memoir at random moments throughout the show. In November of 2005 [ [http://www.cbs.com/latenight/lateshow/exclusives/wahoo/archive/2005/11/archive23.shtml show #2466] ] he told a series of Rodney Dangerfield's jokes. On February 7, 2006[ [http://www.cbs.com/latenight/lateshow/exclusives/wahoo/archive/2006/02/archive07.shtml show #2505] ] he read Grammy Awardnominated song lyrics, the night before CBS aired the 48th Grammy Awards.
Robert Mundell has also appeared on
China Central Television's popular " Lecture Room" series.
List of economists
Optimum currency area
* [http://www.robertmundell.net/ Robert Mundell's homepage]
* [http://www.singleglobalcurrency.org/ Single Global Currency Association - Bretton Woods 2024]
* [http://alop.atspace.com/tui/mundell-press.html his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas.]
* [http://vvvvvvvv.scriptmania.com/newfolder/megaw/nb/Mundell.htm Economista canadiense. Profesor en la Columbia University de New York.]
* [http://ca.geocities.com/econ_0909meet/mundell-speech-press.html The Sveriges Riksbank Prize in Economic Sciences]
* [http://www.uni-kiel.de/ifw/konfer/wwp/wwp_e.htm The Kiel Institute Global Economy Prize]
* [http://nobelprize.org/economics/laureates/1999/mundell-bio.html Nobel biography for laureate Mundell]
* [http://ideas.repec.org/e/pmu18.html IDEAS/RePEc]
NAME= Mundell, Robert
SHORT DESCRIPTION= Economist
DATE OF BIRTH=
October 24, 1932
PLACE OF BIRTH=
Kingston, Ontario, Canada
DATE OF DEATH=
PLACE OF DEATH=
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Robert Mundell — Robert Alexander Mundell Robert Alexander Mundell Naissance 24 octobre 1932 Ontario, Latimer ( … Wikipédia en Français
Robert Mundell — Robert Alexander Mundell, CC (* 24. Oktober 1932 in Kingston, Ontario) ist ein kanadischer Volkswirt, dem 1999 der Nobelpreis für Wirtschaftswissenschaften verliehen wurde. Robert Mundell … Deutsch Wikipedia
Robert Mundell — Saltar a navegación, búsqueda Robert Mundell. Robert Alexander Mundell (nacido el 24 de octubre de 1932) es un economista canadiense. Ganó el Premio Nobel de Economía en 1999. Biografía Nacido en … Wikipedia Español
Robert Mundell — Robert Alexander Mundell (nacido el 24 de octubre de 1932) es un economista canadiense. Ganó el Premio Nobel de Economía en 1999. Nacido en Kingston, Canadá. cursó estudios en la Universidad de British Columbia, en Vancouver. Asistió a la MIT, en … Enciclopedia Universal
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Robert A. Mundell — Robert Mundell Robert Alexander Mundell (24 octobre 1932 ) est un économiste canadien qui enseigne aux États Unis. Il a fait ses études à l Université de la Colombie Britannique, l University of Washington, et la London School of Economics.… … Wikipédia en Français
Robert A. Mundell — Robert Alexander Mundell (* 24. Oktober 1932 in Kingston, Ontario) ist ein kanadischer Volkswirt, dem 1999 der Nobelpreis für Wirtschaftswissenschaften verliehen wurde. Robert Mundell Inhaltsverzeichnis … Deutsch Wikipedia
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