Nobel Prize

Essay by PaperNerd ContributorUniversity, Master's February 2002

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Robert A. Mundell (Nobel Prize 1999) In 1999 Robert A. Mundell won the Nobel Laureate in Economics. He won it for "his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas". After reading some of his works, you can see the use of many of the terms learned in class. Many of his graphs and analysis' are similar to those that we learned.

To start, Robert A. Mundell was born in Canada in 1932. He graduated from MIT in 1956. Now he lives in New York and is a professor of economics at Columbia University.

This issue of inflation was one of the terms that Robert A. Mundell discussed. He mentions in his essay Reconsideration of the Twentieth Century, that inflation has become a big problem in the United States. He states that in had taken "twenty years to raise wholesale prices less than 30 percent.

But after 1971, it only took eleven years for U.S. prices to rise by 157 percent". This was a greater inflation than any "war-related" inflations. Mundell uses a graph similar to that in our Meyer book, which shows the trends of consumer prices of different countries from selected years 1950-1998.