News FocusNobel Prizes

A Prize for Economic Foresight

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Science  22 Oct 1999:
Vol. 286, Issue 5440, pp. 669
DOI: 10.1126/science.286.5440.669

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Citing his "almost prophetic accuracy in terms of predicting the future development of international monetary arrangements," the Royal Swedish Academy of Sciences yesterday announced that it had awarded the Canadian-born economist Robert Mundell this year's Nobel Prize in economic sciences. Mundell's research, once considered esoteric and irrelevant, now provides the framework for virtually all analyses of international exchange rates and was used to establish the ground rules for the European Monetary Union.