Chinanews, April 5, a comprehensive report, on April 4, local time, Robert Mundell, the 1999 Nobel Prize winner in economics and known as the "father of the euro", died at his home in Italy at the age of 88 year old.
According to the "Central News Agency" quoted from the Italian "24 Hours Sun", Mundell passed away on the morning of the 4th local time at his home in Monteriggioni, Siena. The cause of death was a natural death.
Mundell was born in Ontario, Canada in October 1932. His academic achievements are groundbreaking research in the field of dynamic currencies.
The literature pointed out that Mundell’s "Optimum Currency Areas" (Optimum Currency Areas) promoted the development of supply-side economics and laid the foundation for today’s euro. For this reason, he won the Nobel Prize in Economics in 1999. The outside world is hailed as the "father of the euro."
According to the report, Mundell's academic achievements include the "Mundell-Flemming Model" (Mundell-Flemming Model), referred to as the MF model, and the "Mundell-Tobin Effect" (Mundell-Tobin Effect).
According to Hong Kong's "Wen Wei Po" report, Mundell also proposed the "Impossible Triangle" (Impossible trinity), which refers to the difficulties faced by economic, social and fiscal policy objective selection, and it is difficult to achieve three objectives at the same time.
In terms of financial policy, it is impossible to have both of free capital flow, fixed exchange rate and independence of monetary policy.
As of 2021, Robert Mundell has been awarded honorary professors and honorary doctorates from more than 50 universities. He has also served as a consultant for many international institutions and organizations, including the United Nations, the International Monetary Fund, the World Bank, the European Commission, The Federal Reserve, the U.S. Department of the Treasury, etc.