Canadian economist Robert Mundell, considered one of the “fathers of the euro”, died at the age of 88. Bloomberg reports, citing Sophia Johnson, assistant director of the economic research program at Columbia University, where Mundell was professor emeritus.
According to Forbes, the 1999 Nobel laureate died on April 4 in Tuscany, Italy, where he lived with his family in recent years.
Born 1932 in Kingston, Ontario, Mundell received a BA in Economics from the University of British Columbia in Vancouver and an MA from Seattle Washington University. He will receive his doctorate from MIT. In addition, Mundell holds a law degree from the University of Waterloo and studied at the London School of Economics.
Mundella is considered the ideological and intellectual inspirer of the creation of the euro as a single currency for Europe. Since the 60s of the last century, he supported the idea of creating a common European economic and monetary union and created a theoretical basis for the introduction of the euro.
In 1999 he received the Nobel Prize in Economics “for his analysis of monetary and fiscal policy in the framework of various exchange rate regimes, as well as analysis of optimal currency zones.”
The award is the result of Mundell’s many years of work to create the ideal model of an open economy for small countries. He began collecting material for it while working at the International Monetary Fund in the 60s of the twentieth century. Together with another economist, Marcus Fleming, he created the theoretical basis for neoliberalism as an economic model. Now it is called the “Mundell-Fleming model.”
From 1974 until his death, he was a professor at Columbia University.