Prescient: Thirty years before the euro was born, Mundell compared the benefits of a common currency with those of flexible rates. This year's winner of the Nobel prize in economics, Professor Robert A. Mundell of Columbia University, pretty much invented international macroeconomics with his outpouring of research in the early 1960s. The work took place primarily at the International Monetary Fund and the economics department of the University of Chicago. Aside from the research, an important legacy of Mundell's Chicago period was the production of much of the next generation of influential economists in international macroeconomics.
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