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Robert Mundell, Nobel Prize in Economics and 'father' of the euro, dies

2021-04-05T19:16:29.439Z

He was 88 years old and had received the award in 1999. He was Canadian and lived in Siena. 04/05/2021 15:49 Clarín.com Economy Updated 04/05/2021 16:03 The 1999 Nobel Prize in Economics, Canadian Robert Mundell , considered by many to be the "intellectual father" of the creation of the single European currency, the euro , died in Siena, Italy, where he had long resided, at the age of 88. Italian media reported on Monday. Mundell died this Sunday at his home in the town of Santa Colomb



04/05/2021 15:49

  • Clarín.com

  • Economy

Updated 04/05/2021 16:03

The 1999 Nobel Prize in Economics, Canadian

Robert Mundell

, considered by many to be the "intellectual father" of the creation

of the single European currency, the euro

, died in Siena, Italy, where he had long resided, at the age of 88. Italian media reported on Monday.

Mundell died this Sunday at his home in the town of Santa Colomba, in the municipality of Monteriggioni, in the province of Siena.

Emeritus professor at the

University of Chicago

and Columbia University in New York initiated the

theory of optimal currency areas

(Avo) in 1961, demonstrating how, in the presence of sticky prices, labor mobility can be considered a substitute for exchange rate flexibility.

The theories elaborated by Mundell in the 1960s stimulated research on monetary areas and

form the theoretical support for the concept of the Economic and Monetary

Union of the European Union, and of the single currency, the euro.

Mundell received the Nobel Prize in Economics in 1999 for his "analysis of monetary and fiscal policy under different exchange rate systems and for an optimal analysis of exchange zones," according to the explanation then given by the Academy.

It had established "the foundations of the theory that dominates practical considerations on monetary and fiscal policies in open economies."

Robert A. Mundell was born in Canada in 1932 and studied at the University of British Columbia in that country and at the University of Washington, before going on to the London School of Economics, in the British capital.

In 1956 he obtained his doctorate from the prestigious Massachusetts Institute of Technology (MIT) with a thesis on international capital movements, and since 1974 he has been a professor in the economics department of Columbia University in New York.

During his analysis, he warned on different occasions of the risks of leaving the euro zone and stressed that "the euro is a huge success."

EFE

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Source: clarin

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