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文章阅读:1999 Nobel Prize on Economics
[同主题阅读] [版面: 经济] [作者:hamllet] , 1999年10月13日12:09:36
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发信人: hamllet (鱼我相忘), 信区: Economics
标  题: 1999 Nobel Prize on Economics
发信站: The unknown SPACE (Wed Oct 13 12:10:39 1999), 转信

From CNN



              Columbia University
              economist wins
              Nobel

              October 13, 1999
   
              STOCKHOLM,
              Sweden (AP) -- Robert
              A. Mundell of
              Columbia University in
              New York won the
              Nobel Prize for economic sciences Wednesday
              for his analysis of monetary and fiscal policy
              under different exchange-rate regimes.

              The Canadian-born economist "has established
              the foundation for the theory that dominates
              practical policy considerations of monetary and
              fiscal policy in open economies," the Royal
              Swedish Academy of Sciences said.

              "His work on monetary dynamics and optimum
              currency areas has inspired generations of
              researchers. Mundell's contributions remain
              outstanding and constitute the core of teaching
              in international macroeconomics," the academy
              said.

              "Mundell's considerations, several decades ago,
              seem highly relevant today," the academy said.
              "Due to increasingly higher capital mobility in
              the world economy, regimes with a temporarily
              fixed, but adjustable, exchange rate have
              become more fragile; such regimes are also
              being called into quetion," the academy said.

              'Lasting
              contributions'

              It added that Mundell's
              analysis has important
              implications for the single
              European currency launched
              by 11 members of the European Union.

              The academy noted that Mundell has also
              demonstrated that higher inflation can induce
              investors to lower cash balances in favor of
              increased real capital formation.

              "Mundell has also made lasting contributions to
              international trade theory. He has clarified how
              the international mobility of labor and capital
              tends to equalize commodity prices among
              countries, even if foreign trade is limited by
              trade barriers," the academy said.

              Last year's award went to Amartya Sen, a
              scholar from India whose work produced a new
              understanding of the economic mechanisms
              underlying famines and poverty.

              Challenged prevailing viewpoint

              His work challenged the common view that a
              shortage of food is the most important
              explanation of famine. He said instead that high
              food prices and declining wages are in some
              cases responsible for widespread starvation.

              Americans Robert Merton and Myron Scholes
              won the 1997 prize for their work on valuing
              risky "derivatives" investments such as stock
              options. That award was tarnished by the
              near-collapse last year of a giant hedge fund in
              which Merton and Scholes were partners.

              The economics prize is the only Nobel not
              established in the will of Swedish industrialist
              Alfred Nobel, who invented dynamite. It was
              created in 1968 to mark the tercentenary of
              Sweden's central bank.
 

--
※ 来源:.The unknown SPACE bbs.mit.edu.[FROM: 128.125.23.168]

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