Mundell: The Man Who Laid The Groundwork For The Euro

This year's winner of the Nobel prize in economics, Professor Robert A. Mundell of Columbia University, pretty much invented international macroeconomics with his outpouring of research in the early 1960s. The work took place primarily at the International Monetary Fund and the economics department of the University of Chicago. Aside from the research, an important legacy of Mundell's Chicago period was the production of much of the next generation of influential economists in international macroeconomics. His students included Rudi Dornbusch of the Massachusetts Institute of Technology (whose menial tasks in the late 1960s included the preparation of the bibliography for the book International Economics); Jacob A. Frenkel, governor of the Bank of Israel; and Michael Mussa of the IMF.

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