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
October 13, 1999
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
"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.
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.
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