Vale Robert Mundell, the Canadian born economist who made fundamental contributions to economics has passed away in Italy. Bob won the Nobel Prize in Economics in 1999 for his pioneering work on monetary dynamics and optimum currency areas. His Mundell-Fleming model has been studied by everyone who has an interest in open economy macroeconomics but his influence was felt more widely in the development of policies and institutions in major countries. His research formed a core of much of my research in macroeconomics and his contributions are as relevant today as they were in the early 1970s. Bob was generous with his time. I first met him and his wife Valerie in 1989 at the Villa Mondragone International Economic Seminar held in Frascati in the Albin Hills south east of Rome. This was a wonderful conference for a junior scholar just out of graduate school. We spent several days during the conference breaks having long discussions about economics. After that inspiring meeting, I kept in contact with Bob. When Mardi Dungey and I established the Centre of Applied Macroeconomic Analysis (CAMA) at ANU in 2003 Bob agreed to be on the CAMA Advisory Board together with other Nobel Prize winning economists, Clive Granger and Lawrence Klein.
The world has lost another giant in economics.