Founded in 1972, IBEFA (formerly NAEFA) is a non-profit, international, scholarly organization dedicated to the study of banking, economic, and financial issues in countries and across the global economy and financial markets.
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Distinguished Fellow - 2003
ROBERT A. MUNDELLRobert Alexander Mundell is one of the most original thinkers in economics, whose ideas have greatly influenced both economic theory and public policy. Mundell was born in Canada in 1932 and was educated at the Universities of British Columbia, Massachusetts Institute of Technology and the London School of Economics. After a series of short-term professorships across North America and Europe—as well as after holding positions at the International Monetary Fund and Brookings Institution—he spent 1966-71 at the University of Chicago. There he and his followers developed what might be termed the Mundell School of open-economy macroeconomics. Since 1974, he has made Columbia University his intellectual home.
Robert Mundell established the theoretical formulations for the analysis of monetary and fiscal policy in open economics under both fixed and flexible exchange rates. Known as the “Mundell-Fleming model,” its brilliant insights remain relevant to this day and constitute the core of teaching in international macroeconomics.
Mundell’s seminal article on optimal currency is arguably even more important today than when it was first published in 1961. It was his later elaborations on this theme that have earned him the designation as the intellectual godfather of the Euro. Among his more recent contributions, the most far-reaching would surely be his role as the intellectual force behind the “supply-side revolution.”
For these outstanding contributions and especially the analyses relating to monetary and fiscal policies under different exchange rate regimes and to optimum currency areas, Robert Mundell received the 1999 Nobel Prize in Economic Sciences. The Royal Swedish Academy noted that Mundell had such a lasting impact because he chose his research areas with uncommon, almost prophetic, accuracy in terms of predicting the future development of international monetary arrangements and capital markets. This characteristic has been of special importance to the North American Economics and Finance Association, since Mundell was one of the strongest supporters of this organization in its earliest days.
Therefore, it is with great pleasure that the North American Economics and Finance Association elected Robert A. Mundell a Distinguished Fellow, for both his immense intellectual contributions in the fields of International Economics and Monetary Theory and his critical efforts to advance the goals of the Association.
Thomas J. CourcheneNAEFA President 2003
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