51:11, 509-517. The underlying theory describes the optimal characteristics for the merger of of the optimal currency area was pioneered by economist Robert Mundell. 2. For offsetting asymmetrical macroeconomic shocks, his 1961 article leans toward Oktober 1932 in Kingston, Ontario) ist ein kanadischer Volkswirt, dem 1999 der Nobelpreis für Wirtschaftswissenschaften verliehen wurde. 4 (Sep., 1961), pp. Tavlas, G. S. (1993) The „new” theory of optimum currency areas. 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.. American Economic Review . As McKinnon, he is known especially for his contribution to the optimum currency areas theory. Robert Mundell’s work is more than a bench mark. 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. Robert Alexander Mundell, CC (born October 24, 1932) ... got the honor for "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas". But this paradox can be resolved by noting that there are two Mundell models-earlier and later. Mundell attended the University of British Columbia (B.A., 1953), the University of … https://www.imf.org/external/pubs/ft/fandd/2006/09/people.htm The history of this classic article is found in a 1997 speech by Mundell.Having set out a theory of optimum currency areas in the early 'sixties, he concluded by … Prize-winning Canadian economist Robert Mundell, who first described in the 1960s what is today known as the theory of optimal currency areas (OCA). Mundell was an ardent supporter of the euro, of which he is considered the godfather. In his work, “A Theory of Optimum Currency Areas” (Mundell), Mundell asserted that there is a balance required in making the determination as to whether or not to share a currency, based upon the costs and benefits involved … Mundell’s contributions on monetary dynamics proved to be a watershed for research in international macro-economics. 1 Connolly Michael, Robert A. Mundell: A Profile, Review of International Economics, 9(4), 2001, p. 585 . For many years, Mundell’s theories have been at the core of teaching in macroeconomics. 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. 51, No. 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. 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. Robert Mundell (born in 1932) is a Canadian economist and professor at Columbia University. 3 Princeton between 1991 and 1999. 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. But this paradox can be resolved by noting that there are two Mundell models-earlier and later. American Economic Association A Theory of Optimum Currency Areas Author(s): Robert A. Mundell Source: The American Economic Review, Vol. Published by Mundell in 1961, this is the most cited by economists. Robert Alexander Mundell (* 24. Downloadable! Models Optimum currency area with stationary expectations. 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. From his theory of optimum currency areas published in 1961, Mundell seemed to be arguing in favor of … 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. But this paradox can be resolved by noting that there are two Mundell models-earlier and later. Optimum currency area theory (OCA) was developed in 1961 by Canadian economist Robert Mundell based on earlier work by Abba Lerner. 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. Mundell concluded in that lecture that "the international monetary system depends only on the power configuration of the countries that make it up". 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. 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 … OPTIMUM CURRENCY AREAS Robert A. Mundell. Science “for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas.” We interviewed Professor Mundell at his hotel in Boston, Massachusetts, on January 7, 2006, while attending the annual meeting of the Allied Social Science Associations. Part of the problem stems from a seeming contradiction in Mundell’s own work. 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”. Macroeconomic stability is enhanced if the currency area has a high degree of internal factor mobility relative to the cross-border factor mobility. 657-665 The World … I would like to tell you a little about how the article came … A Theory of Optimum Currency Areas (1961), by Robert Mundell, was selected for the Top 20. Robert Mundell Inhaltsverzeichnis Robert Alexander Mundell, CC (born October 24, 1932) is a Nobel Prize-winning Canadian economist.Currently, he is a professor of economics at Columbia University and the Chinese University of Hong Kong.. Columbia University Extended version of a luncheon speech presented at the AConference on Optimum Currency Areas,@ Tel-Aviv University, December 5, 1997 . His analysis of stabilisation policy and exchange rate systems constitutes the core of policy research. Background The question is innovative, for Mundell envisaged a new global monetary map from the regional rather than the national viewpoint. 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). 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. 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. 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. His work has inspired generations of researchers and dominates fiscal policy in open economies. Robert A. Mundell, Canadian-born economist who in 1999 received the Nobel Prize in Economic Sciences for his work on monetary dynamics and optimum currency areas. Mundell, Robert (1961) A theory of optimum currency areas. In economics, an optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. This paper explains that selecting the optimal geographic area for a single currency involves balancing two considerations. This year’s Nobel prize in economics has been awarded to Robert Mundell. 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