Who is the father of the euro and specifics about the individual?

Mondale. American, Nobel Prize winner in economics, the euro began to issue in 1999, he is the main creator, and thus known as the "father of the euro", become the loudest name of his life. He is also a great prophet. Robert A. Mundell (Robert A. Mundell)

1999 Nobel Laureate in Economics

Professor of Columbia University, 1999 Nobel Laureate in Economics, founder of the theory of the optimal currency area. 1956 Nobel Laureate in Economics

Massachusetts Institute of Technology (MIT), USA. D. in economics from the Massachusetts Institute of Technology (MIT) in 1956, worked at the International Monetary Fund in 1961, taught at Stanford University and Johns Hopkins University from 1966 to 1971, and has taught at Columbia University since 1974. His revolutionary research laid the rational foundation for the euro exchange rate, and his analysis of monetary and fiscal policy and optimal currency circulation areas under different exchange rate regimes earned him the 1999 Nobel Prize in Economics. Professor Mundell's great contribution to economics is the theory of macro-stabilization policy under open conditions (Mundell--Fleming model), and the theory of optimal currency area. Professor Mundell keenly observed that, from the 1960s to the present, a notable feature in the development of the world economy is that, with the development of the integration and globalization of the world economy, products, services and, above all, capital can flow across borders on a large scale through trade and investment. In a more open economic system, a country's monetary sovereignty and the effects of its fiscal policy are more subject to the constraints of the outside world, and its capacity for macro-control has declined. An important reason why economics is becoming increasingly difficult to make predictions about the economic outlook is that traditional macro- and microeconomics are facing new challenges under conditions of economic globalization. It can be said that Professor Mundell's research on international economics under the conditions of an open economy is meeting just such a challenge, and he is a great pioneer and prophet. Mundell

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---- A great prophet

On October 13, 1999, the Royal Swedish Academy of Sciences awarded this year's Nobel Prize in Economics to Columbia University professor Robert "Robert" Mundell. Mondale. Born in Canada in 1932, he received his B.A. from Columbia University in England in 1953, his M.A. from the University of Washington, and his Ph.D. from the Massachusetts Institute of Technology in 1956. A press release from the Royal Swedish Academy of Sciences stated that "Mundell further developed the theory of macroeconomics in an open economy, and he established the theoretical foundation that governs actual monetary and fiscal policy in an open economy, which in turn has become the basis of international macroeconomics teaching." Mundell phi called a prophet because although his important contributions arose in the creation of the era (which was still the era of fixed exchange rates． Capital flows were strictly controlled), but he was in 1961 < < the theory of the optimal currency area > > 1963 < < < capital flows and stabilization policies under fixed and floating exchange rate regimes > > and so on in the paper visionary foresight of a more open economy, exchange rate changes and a high degree of capital mobility on the impact of economic policy, the successful introduction of the euro has made a more open economy, the exchange rate and high capital flows on economic policy, and the introduction of the euro has made a more successful introduction of the euro has made a more open economy, and the introduction of the euro has made a more open economy, and the introduction of the euro has made a more open economy, and the exchange rate and high capital flows on economic policy. The smooth introduction of the euro has made him known as the "father of the euro". Can economists be successful prophets? Since Adam Smith published his book <<A Study of the Nature and Causes of National Wealth>> in 1776, economics has gradually built up a magnificent macro and micro-economics edifice with rigorous qualitative and quantitative analyses, and the use of algebra, statistics, and computer technology, striving to explain the reality of the economic life and to predict the future of economic development, but in the book "The Prophecy of the Rims", written by Fred Marafu Jr. The book "The Prophecy of the Rim>" points out that the entire economic history of the post-World War II period has been a history full of failed experiments in various economic theories, and various predictions that have gone awry. Some economists have lamented: "The world is going to judge our profession by our ability to predict six months or a year ahead, and that's not something we're very good at, the economy is simply unpredictable." Looking at the recent past, it is an ironic outcome for economics that few economists predicted a crisis before the Asian financial crisis, and that Long Term Capital Management in the US, which boasted two 1997 Nobel Prize winners in economics in Morton and Scholes, failed miserably in investing in Russia, so can Mundell rewrite such history? "I may be the father of the euro, but I may only be one of several euro 5z", said Mundell, but there is no denying that his work on the optimal currency area raised what seemed at the time to be an implausible question: is it necessary for a sovereign state to have its own currency? It is interesting to note that although he himself was in favor of the euro, his theories served as a baseline for his opposition to the euro. In the early 1960s. It is the "dollar double-pegged system" of the fixed exchange rate system is declining, the advantages and disadvantages of the exchange rate and floating exchange rate dispute began to become more intense, Mundell is a pioneering proposal: if a symmetric shock affects the free flow of labor and other factors of production between the region, then when there is a balance of payments imbalance, the high mobility of labor and capital, and the need for the Euro. When the high mobility of labor and capital can eliminate the imbalance without resorting to exchange rate fluctuations to maintain macroeconomic stability, the region that meets this criterion becomes the optimal currency area. Later scholars such as McKinnon (R-I-McKinnon), Kenan (P-B-Kenen), Ingram (J-c-ingram), Krugman (KNgman) and other scholars developed his theory to further emphasize and expand the criteria of the optimal currency area, including the degree of economic openness, diversification of a country's products, financial integration, etc., and these theories, to a certain extent, for the European integration process (customs union, *** with the market, ＜Mayo＞ of the five convergence criteria, the establishment of the European Central Bank, the birth of the euro) provides theoretical guidance, it should be said that Mundell deserves the "father of the euro" honor. But people against the euro according to Mundell's theory is that the euro zone is not an optimal currency area, because the cultural and linguistic differences between European countries and government regulations limit the mobility of labor, and: E European countries today, the central government's fiscal revenues account for only a small portion of the EU's gross national product in the face of external shocks, inability to complete the task of adjusting, due to the use of a single currency, the national government has therefore lost the exchange rate as a powerful tool, a single currency, a single currency, a single currency. With the adoption of a single currency, governments have lost the powerful tool of exchange rates, and the single currency area has done more harm than good. Although the euro was born on schedule, it is against Mundell's idea of an optimal currency area, and even he himself thinks that he is in favor of the euro on the basis of practice rather than theory. The euro can be said to be a huge human experiment, Mundell's research is undoubtedly the theoretical starting point of this experiment, but in real life the initial conditions and variables of this experiment than Mundell's hypothesis of the complexity of a hundred times, the euro is not just an optimal currency E model of the conclusions of the Europeans in the search for peace and development after World War II, a collection of 7 politicians compromise and debate (Germany and France on the leadership of the fight for Europe), the European Central Bank candidate directly reflected in the European Central Bank. Directly reflected in the European Central Bank on the candidate dispute), the people's choice and judgment (national referendum), the impact of the outside world and influence (the global economy of the regionalization and integration process, the United States and Europe's equilibrium) after the result, in a certain sense, the birth of the euro is more of a political result, rather than just an economic phenomenon. This may be a reflection of the embarrassment of economics: economics tries to abstract regularities from the complexity of real life, but these "beautiful-looking" forms and "logical" conclusions are seriously detached from reality and are subject to skepticism and accusations; economics tries to make use of the "logical" conclusions, which are not in line with reality, and is not in line with reality; economics tries to use the "logical" conclusions, which are not in line with reality, and is subject to suspicion and accusations. Economics tries to explain economic phenomena with "pure economic" analysis, but it can't get away from the influence of political and cultural factors on the economy. As a social science, economics is destined not to be able to draw axiomatic conclusions through experiments as natural science does, and it is much richer in terms of the conditions it covers (geographic, cultural, and political), and the most crucial thing is that what it studies is the behavior of human beings as individuals and the behavior of human beings as a group after they have formed various kinds of organizations (e.g., countries and enterprises), and no model or equation can accurately fit such a complex economic activity. No model or equation can accurately fit such complex economic activities. Economists can build an abstract model of economics, but in the face of changing realities, any elaborate model will pale in comparison. Any sophisticated model pales in comparison, and herein lies the paradox of Mundell. "Economics began with Aristotle, mixed with morality and ethics in the Middle Ages, Adam Smith separated it, Walras made it mathematical, Keynes made it popular, Samuelson made it dynamic, but economics does not stand still, it covers money and trade, production and consumption, distribution and development, welfare, behavior, language and music, Even war, economics needs new definitions." -- from Mundell's 1968 article <<Man and Economics>> Mundell graphically described the development of economics, of which he himself was a successor and pioneer. His contributions include: First, with Fleming established Mundell - Fleming model, foreign trade and capital flows into the closed economy of the IS - LM model in the Meade on the domestic balance and balance of payments theory on the basis of the proposed policy of the The assignment problem (assigNMENT 9mLlem), that is, monetary policy and fiscal policy should be used separately for internal and external balances, and pointed out to each other that the roles of fiscal policy and monetary policy are different under different exchange rate regimes - "under a floating exchange rate regime, the role of monetary policy is strong, while the role of fiscal policy is weak. fiscal policy is weak in a floating exchange rate regime, and the opposite is true in a fixed exchange rate regime". If we take into account that the 1960s was still an era of fixed exchange rates and strict capital controls, then Mundell's study is undoubtedly foreboding and prophetic, and it is very instructive in analyzing the reality of the society in which we are now living with a high degree of capital mobility, with floating and fixed exchange rates each occupying its own territory. Second, the capital account was incorporated into the analysis of the balance of payments, and a dynamic monetary model was established to explain the causes and mechanisms of the long-term imbalance in the balance of payments, i.e., the Balance of Payments Monetary Analysis Method, which was widely adopted later. This method breaks through the original balance of payments analysis based only on the current account, and because this method assumes that the flow of capital depends only on the interest rate differential between the two countries, while ignoring the role of the original asset stock in the flow of capital, and later researchers have developed on this basis, forming a stock theory of capital flows. Such as asset portfolio theory. Third, other contributions in the field of international economics. For example, he believes that high inflation will make investors increase real capital and reduce their cash holdings, the expected inflation will also produce real economic effects, that is, the Mundell - Tobin effect; even if foreign trade will be restricted by trade barriers, the flow of international capital will make the international commodity price equalization, so trade barriers will be stimulate the international movement of labor and capital. In fact, from the 1960s to the present, one of the remarkable features in the development of the world economy is that with the integration and globalization of the world economy, products, services, and especially capital can move across borders on a large scale through trade and investment. In a more open economic system, a country's monetary sovereignty and the effects of its fiscal policy are more subject to the constraints of the outside world, and its capacity for macroeconomic control has declined. Economics is more and more difficult to predict the economic outlook, an important reason is the traditional macro and microeconomics in the conditions of economic globalization is facing new challenges, it can be said that Mundell's research on the open economy under the conditions of international economics is precisely to meet such a challenge, he is a great forerunner and prophet. Mundell once mentioned how he became interested in economics, "In high school my teacher tried to explain currency devaluation but could not give me a satisfactory answer, and it was not in any of the newspapers I read." It is this curiosity about the unknown that drives the development of mankind, and so does economics, even if Mundell has not been able to accurately predict the future (he predicted that when the U.S. economy is weak; the euro will reach the level of 1.05-1.15, but his remarks did not have much influence on the currency market nah), but economics will continue to be in the failure of the predictions of the economists of generation after generation. development.