Robert Mundell

About Robert Mundell

Who is it?: Economist
Birth Day: October 24, 1932
Birth Place: Kingston, Ontario, Canada, Canadian
Birth Sign: Scorpio
Institution: Johns Hopkins University (1959–61, 1997–98, 2000–01) University of Chicago (1965–72) Graduate Institute of International Studies in Geneva, Switzerland (1965–75) University of Waterloo (1972–74) McGill University (1989–1990) Columbia University (1974 – present) Chinese University of Hong Kong (2009 – present)
Field: Monetary economics
School or tradition: Supply-side economics
Alma mater: London School of Economics UBC Vancouver School of Economics University of Washington Massachusetts Institute of Technology University of Waterloo
Doctoral advisor: Charles Kindleberger
Doctoral students: Jacob A. Frenkel Rudi Dornbusch Carmen Reinhart
Influences: Ludwig Von Mises
Contributions: Mundell–Fleming model Optimum currency areas Research on the gold standard
Awards: Nobel Memorial Prize in Economics (1999)

Robert Mundell Net Worth

Robert Mundell was bornon October 24, 1932 in Kingston, Ontario, Canada, Canadian, is Economist. Robert Mundell is a Canadian economist who received the Nobel Prize in Economic Sciences for developing the theory of optimal currency areas in the modern world. Many people are of the opinion that he is the godfather of the ‘Euro’ currency used in the European Union. Though he received the Nobel Prize much later, during the 1960s he predicted the future development of capital markets and international monetary systems around the world. His prophecy on future monetary systems impressed the ‘Royal Swedish Academy of Sciences’ much before he received the prize. He derived a large number of observations after analyzing his highly technical mathematical formulations which changed the concept of ‘open economy’. Though most of his work has been welcomed by the economists all over the world, some of his advocated policies such as creation of a global currency, returning to the gold standard and others, are yet to be embraced by a large number of his peers. Many economists and international monetary organizations like IMF still feel uncomfortable with his idea of ‘supply side’ tax cuts, and his recent advice to China on its exchange rate regime. He was the first economist who studied the effect of floating exchange rates which had been ‘taboo’ since a long time. He also contributed to the ‘Mundell-Fleming Theory’ and the ‘Mundell-Tobin Theory’.
Robert Mundell is a member of Intellectuals & Academics

💰 Net worth: $18 Million

Some Robert Mundell images

Awards and nominations:

Mundell was awarded the Guggenheim Fellowship in 1971 and the Nobel Memorial Prize in Economics in 1999. In 2002 he was made a Companion of the Order of Canada.

In 1992, Mundell received the Docteur Honoris Causa from the University of Paris. Mundell's honorary professorships and fellowships were from Brookings Institution, the University of Chicago, the University of Southern California, McGill University, the University of Pennsylvania, the Bologna Center and Renmin University of China. He became a Fellow of the American Academy of Arts and Sciences in 1998. In June 2005 he was awarded the Global Economics Prize World Economics Institute in Kiel, Germany and 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.

The Mundell International University of Entrepreneurship in the Zhongguancun district of Beijing, People's Republic of China is named in his honor.

Biography/Timeline

1956

Mundell was born in Kingston, Ontario, Canada. He earned his BA in Economics at the University of British Columbia in Vancouver, Canada, and his MA at the University of Washington in Seattle. After studying at the University of British Columbia and at The London School of Economics in 1956, he attended the Massachusetts Institute of Technology (MIT), where he obtained his PhD in Economics in 1956. In 2006 Mundell earned an honorary Doctor of Laws degree from the University of Waterloo in Canada. He was Professor of Economics and Editor of the Journal of Political Economy at the University of Chicago from 1965 to 1972, Chairman of the Department of Economics at the University of Waterloo 1972 to 1974 and since 1974 he has been Professor of Economics at Columbia University. He also held the post of Repap Professor of Economics at McGill University.

1960

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 Sweden to leave the gold standard.

1962

In 1962, along with Marcus Fleming, he co-authored the Mundell–Fleming model of exchange rates, and noted that it was impossible to have domestic autonomy, fixed exchange rates, and free capital flows: no more than two of those objectives could be met. The model is, in effect, an extension of the IS/LM model applied to currency rates.

1971

Mundell was awarded the Guggenheim Fellowship in 1971 and the Nobel Memorial Prize in Economics in 1999. In 2002 he was made a Companion of the Order of Canada.

1974

This work later led 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.

1992

In 1992, Mundell received the Docteur Honoris Causa from the University of Paris. Mundell's honorary professorships and fellowships were from Brookings Institution, the University of Chicago, the University of Southern California, McGill University, the University of Pennsylvania, the Bologna Center and Renmin University of China. He became a Fellow of the American Academy of Arts and Sciences in 1998. In June 2005 he was awarded the Global Economics Prize World Economics Institute in Kiel, Germany and 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.

1999

Mundell won the Nobel Memorial Prize in Economic Science in 1999 and gave as his prize lecture a speech titled "A Reconsideration of the Twentieth Century". According to the Nobel Prize Committee, he got the honor for "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas".

2000

In 2000, he predicted that before 2010, the euro zone would expand to cover 50 countries, while the dollar would spread throughout Latin America, and much of Asia would look towards the yen. Such predictions have proved highly inaccurate.

2002

Mundell has appeared on CBS's Late Show with David Letterman. His first appearance was on October 17, 2002 where he gave The Top 10 List on "Ways My Life has Changed Since Winning the Nobel Prize." In March 2004 he told "You might be a redneck" jokes followed in May 2004 with "Yo Mama" jokes. In September 2004 he appeared again, this time to read excerpts from Paris Hilton's memoir at random moments throughout the show. In November 2005 he told a series of Rodney Dangerfield's jokes. On February 7, 2006 he read Grammy Award nominated song lyrics, the night before CBS aired the 48th Grammy Awards.

2008

Mundell started the Pearl Spring Chess Tournament, a double round robin tournament with six players. The first tournament in 2008 was won by the Bulgarian, Veselin Topalov. The next two: 2009–2010 was won by the Norwegian, Magnus Carlsen.

2010

Mundell has also appeared on China Central Television's popular Lecture Room series. Professor Mundell was also a special guest making the ceremonial first move in Game Five of the 2010 World Chess Championship between Viswanathan Anand and Veselin Topalov.