1 Connolly Michael, Robert A. Mundell: A Profile, Review of International Economics, 9(4), 2001, p. 585 . Mundell’s contributions on monetary dynamics proved to be a watershed for research in international macro-economics. OPTIMUM CURRENCY AREAS Robert A. Mundell. Robert Mundell's Work on Optimum Currency Areas Don Roper The 1999 Nobel Prize in Economics was given to Robert Mundell, in part for his work, Optimum Currency Areas, which is often credited with the development of the Euro. Robert Mundell (born in 1932) is a Canadian economist and professor at Columbia University. American Economic Association A Theory of Optimum Currency Areas Author(s): Robert A. Mundell Source: The American Economic Review, Vol. I would like to tell you a little about how the article came … For many years, Mundell’s theories have been at the core of teaching in macroeconomics. 657-665 Tavlas, G. S. (1993) The „new” theory of optimum currency areas. https://www.imf.org/external/pubs/ft/fandd/2006/09/people.htm Mundell attended the University of British Columbia (B.A., 1953), the University of … The World … 2. 3 Princeton between 1991 and 1999. Robert Alexander Mundell was awarded the 1999 economics prize “for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas”. only in his theory of optimum currency areas (1961), but stationary expectations underlies the standard textbook Mundell-Fleming model (Mundell 1963) of how monetary and fiscal policy work themselves out in an open economy. It is a great satisfaction to be the recipient of so much kindness occasioned by my 1961 article on optimum currency areas. Mundell was an ardent supporter of the euro, of which he is considered the godfather. Downloadable! But this paradox can be resolved by noting that there are two Mundell models-earlier and later. His analysis of stabilisation policy and exchange rate systems constitutes the core of policy research. Robert Mundell seems to be on both sides of the debate over European monetary unification and on the adoption of common monetary standards in other parts of the world. 51:11, 509-517. Professor Robert A. Mundell, Columbia University, New York, USA 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". This year’s Nobel prize in economics has been awarded to Robert Mundell. Columbia University Extended version of a luncheon speech presented at the AConference on Optimum Currency Areas,@ Tel-Aviv University, December 5, 1997 . His theory of optimum currency areas, highlighted in the Nobel Committee’s munsell as one of his most significant scientific contributions, has served since the s as an analytical framework for numerous debates on the validity of the creation of a European currency. May 2000 Robert Mundell seems to be on both sides of the debate over European monetary unification and on the adoption of common monetary standards in other parts of the world. Oktober 1932 in Kingston, Ontario) ist ein kanadischer Volkswirt, dem 1999 der Nobelpreis für Wirtschaftswissenschaften verliehen wurde. More than forty years after Robert Mundell put forth the theory of optimum currency areas, the analytical consensus based on his celebrated 1961 paper has disintegrated. But this paradox can be resolved by noting that there are two Mundell models-earlier and later. 4 (Sep., 1961), pp. Published by Mundell in 1961, this is the most cited by economists. 51, No. Macroeconomic stability is enhanced if the currency area has a high degree of internal factor mobility relative to the cross-border factor mobility. His lectures and papers on international trade, optimum currency areas, and the trade-offs on fiscal and monetary policies under fixed and floating exchange rates attracted the attention of Jaques Polak, head of IMF’ Research Department, who offered Mundell a job at IMF in 1961. Background As McKinnon, he is known especially for his contribution to the optimum currency areas theory. Robert Mundell richly deserves a Nobel Memorial Prize in Economics. For offsetting asymmetrical macroeconomic shocks, his 1961 article leans toward papers of Robert Mundell as the starting point, this article first analyses traditional theorizing on the pros and cons of international monetary integration and then sug- gests new approaches to the problem of international risk-sharing in OCAs. Optimum currency area theory (OCA) was developed in 1961 by Canadian economist Robert Mundell based on earlier work by Abba Lerner. His work with the Mundell–Tobin effect which was covered earlier in this paper, the Mundell–Fleming model, and finally, his work on the optimum currency area theory paved the way for the instilment of the euro and the overall effects it would have on the countries that adopted it. He has reshaped the macro economic theory for open economics. This paper explains that selecting the optimal geographic area for a single currency involves balancing two considerations. His theory of optimum currency areas, highlighted in the Nobel Committee's citation as one of his most significant scientific contributions, has served since the 1960s as an analytical framework for numerous debates on the validity of the creation of a European currency. 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 [13] and international exchange rates [14] that he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel by the Bank of Sweden (Sveriges Riksbank). Mundell, Robert (1961) A theory of optimum currency areas. Robert Mundell Inhaltsverzeichnis His work has inspired generations of researchers and dominates fiscal policy in open economies. Robert Mundell, CC (born October 24, 1932) is a Nobel Prize-winning Canadian economist.Currently, Mundell is a professor of economics at Columbia University and the Chinese University of Hong Kong.. 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