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Karren Mundell Letter, September 11, 1966
No full textMundell describes activities when the Brigade is in. She will never forget her 23rd birthday since a plane and its pilot were lost that day
Karren Mundell Letter to Mom, March 27, 1967
No full textMundell describes an incident when a friend went missing
On the Origins of the Fleming-Mundell Model
Full text linkForty years ago, Marcus Fleming and Robert Mundell developed independent models of macroeconomic policy in open economies. Why do we link the two, and why do we call the result the Mundell-Fleming, rather than Fleming-Mundell model? Copyright 2003, International Monetary Fund
Karren Mundell Letter to Mom, March 20, 1967
No full textNurse Mundell describes her plans for the last days of her tour in Vietnam and what she is looking forward to eating when she gets home
Beggar Thy Neighbour Exchange Rate Regime Misadvice  from Misapplications of Mundell (1961) and the Remedy
Full text linkEconomists invoke Mundell (1961) in arguing for the general policy of  a flexible exchange rate regime as a means of restoring equilibria  after shocks. But there is a discrepancy between the intent of the  general policy and attempts at its implementation as identified by  specific changes in exchange rates.  When we assemble the set of  specific changes called for by distinct economists operating as  advocates for individual countries, these are uniformly in the form  of beggar-thy-neighbour advice – ie travesties of objectively  identifying disequilibria and a menace to international cooperation  and peace.  This paper traces the unintended travesties to problems  of complexity and uncertainty, problems that implicitly are assumed  absent in Mundell (1961) rendering the situation so simple that  equilibria are transparent.  The problems remained essentially  unaddressed when economists extended Mundell (1961) via expected  utility theory since this theory also ignores the impossibility of  maximising and the complexities of central bankers, private firms and  others in doing the evaluation stage in reaching decisions.  The  problems can be overcome by modelling within SKAT, the Stages of  Knowledge Ahead Theory.  This paper points to experimental evidence  in support of the view that under all sorts of disequilibrating  shocks, currency unions outperform flexible currencies by eliminating  the inefficiencies generated by exchange rate uncertainty.optimal currency area; exchange rate regime; certainty effects;  policy; beggar-thy-neighbour; SKAT the Stages of Knowledge Ahead Theory; complexity; equilibrium; small world; shocks; expenditure-switching shocks; supply-side shocks; demand shocks; experiment, safety, international competitiveness.
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Simple open economy macro with comprehensive accounting a radical alternative to the Mundell Fleming model
Full text linkThis paper presents a stock flow model of two economies (together comprising the whole world) which trade goods and financial assets with one another. The accounting framework, though comprehensive in its own terms, is very much simplified (it has interest rates without interest payments and exchange rate changes without changes in relative prices) so as to reach the main conclusions as simply and easily as possible. The paper is (a contrario) critical of attempts to deploy open economy models which only analyse the operations of a single economy, without regard to the responses of the rest of the world. In particular, the paper is critical of the influential Mundell-Fleming (M-F) model and finds that the characteristic M-F results are confuted once a full set of double entry accounts is used with all processes firmly located in historical time
Karren Mundell Letter to Mom and Dad, May 5, 1966
No full textKarren describes activities in Texas as she prepares to be sent to Vietnam as a military nurse
Karren Mundell Letter to Folks, June 18, 1966
No full textThe nurse describes her first big rush of patients. While she sees heartbreaking things, at the same time she sees the best in man
Liquidity, the Mundell-Tobin Effect, and the Friedman Rule
Full text linkWe investigate how the Mundell-Tobin effect, i.e., a positive relation between in ation and capital investment, changes the optimal monetary policy prescription in a framework that combines overlapping generations and new monetarist models. We find that the Friedman rule is optimal if and only if there is no Mundell-Tobin effect. A Mundell-Tobin effect is more likely to occur at the Friedman rule if capital is relatively liquid, and if the agents' risk aversion is relatively low. If the Friedman rule is not optimal, the optimal money growth rate lies between the Friedman rule and a constant money stock. We also show that it is more efficient to implement de ationary monetary policies by raising lump-sum taxes on old agents only
An analysis of the act of the 38th of His present Majesty, for the sale of the land-tax, so far as it relates to Scotland.
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