(October 14 – 09:15 ET) – An expatriate Canadian, Professor Robert Mundell, has won the Nobel Prize for economics for his work on currencies and currency areas – such as the European Union.
Mundell went to UBC before moving on to the London School of Economics. He moved to New York to teach at Colombia University where he has been since 1974.
The work that won him the Nobel Prizewas begun in the 1960s. As early as 1969 he suggested the possibility of a common European currency. He has studied supply-side economics extensively, as well as the effect of international capital flows in predicting exchange rate movements.
He has not expressed on opinion on the possibility of a single North American currency. Although, his work has favoured floating over fixed exchange rates between countries. He believes that fixed rates simply neuter national monetary and fiscal policies.
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