The ICAS Bulletin
Institute for Corean-American Studies, Inc.
Professor Robert A. Mundell
Nobel Prize for Economics
The Royal Swedish Academy of Sciences announced today that Robert A. Mundell of Columbia University is this year's winner of the Nobel Prize for economics.
The Academy noted Mundell's analysis of exchange rates and how they affect monetary policies. It is widely accepted that his theories helped create a common currency for the European Union. The Prize comes with 7.9 million kronor ($960,000).
"Mundell's work has made contributions far outside esoteric academic circles by clarifying how exchange rates fluctuate when a government shifts from a flexible to a fixed monetary policy ... his most important work was done in the 1960's and the work on monetary dynamics and optimum currency areas has inspired generations of researchers ... Mundell's contributions remain outstanding and constitute the core of teaching in international macroeconomics", the Academy said.
Professor Mundell is father of William A. Mundell, ICAS Fellow and Chairman of the Board, Trade, Inc.
Sang Joo Kim
Sr. Fellow & Executive Vice President