Academic, Economist (1932-Present)
Robert Mundell is a Nobel Prize winning Canadian economist famous for his work on the open economy.
Mundell was a pioneer in the field of monetary dynamics and international capital flows. He helped extend the IS-LM model by building the Mundell-Fleming model, still taught in classrooms around the world to this very day. The Mundell-Fleming model asserts that it is impossible for an economy to have domestic autonomy, fixed exchange rates and free capital flows at the same time; economies must choose a combination of only 2 of these.
He is also known as the ‘father of the Euro’ after his work and theories on optimum currency areas influenced the creation of the European currency.
“I went to the University of Washington in Seattle. This was a very good place to study, and I learned a lot. But it wasn’t the right place for my PhD.”
“My dissertation was five chapters on the theory of capital movement, but it didn’t mention money.”
– Robert Mundell