Robert A. Mundell, professor of economics at New York's Columbia University, won the 1999 Nobel Prize in economic sciences, the Royal Swedish Academy of Sciences said Wednesday.

The academy cited Prof. Mundell for his analyses of monetary and fiscal policy under different exchange rate regimes and of "optimum currency areas."

Prof. Mundell prepared one of the first plans for a common currency in Europe and is known as the father of the theory of optimum currency areas. He pioneered the development of theories on monetary and fiscal policy mix and on the connections between inflation, interest, and economic growth. He also developed the monetary approach to the balance of payments and co-invented supply-side economics.

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