While the 1960s saw Mundell predominantly building tools and concepts of
how the open economy and the world economy function in the interaction of
monetary and real factors, the 1970s and on were devoted to policy
thinking. Here his work focused on two issues: a better international
monetary system, taking the weight off an overburdened dollar and an
overly special role of the US, and supply side economics.
With the apparent demise of the dollar standard, Mundell became a leader
in thinking about exchange rate regimes and the world monetary system.
Global monetarism was in the making. He opened a discussion (along with
Robert Triffin) on how to restructure the world monetary system to address
the three key questions at the time: confidence, liquidity and adjustment.
When the Bretton Woods system broke down in August 1971, a group of
economists, bankers and officials periodically met at the Villa Santa
Colomba outside Siena, Italy, to study the problem of reform of the
international monetary system. The Chairman of the Conference was Robert
Mundell.
The original publication of the Santa Colomba
Conclusions showed the recommendations made a the time by the Conference, a
lot of which contributed to shape the international monetary system as we
know it today.
▪ 1971 ▪
The dollar Crisis and
the World Economy
▪ 1973 ▪
Inflation and
International Monetary Reform
▪ 1974 ▪
Bank Stability,
Recession and
the Control of Inflation
▪ 1975 ▪
Optimum Currency
Areas and
National Policy Mix
▪ 1976 ▪
Exchange Rate
Management
and World Central Bank
▪ 1977 ▪
The New International
Economic Order
Conference sponsored by:
International Center for
Monetary and Banking Studies, Geneva
Monte Dei Paschi Di Siena,
Siena
Columbia University
University of Siena
While the 1960s saw Mundell predominantly building tools and concepts of
how the open economy and the world economy function in the interaction of
monetary and real factors, the 1970s and on were devoted to policy
thinking. Here his work focused on two issues: a better international
monetary system, taking the weight off an overburdened dollar and an
overly special role of the US, and supply side economics.