Rudi Dornbusch 101: Who is the Successful German Economist? in our article of Zatrun.com, we will cover in detail everything you need to know about the successful German economist Rudi Dornbusch, who our readers are curious about.
Who is Rudi Dornbusch?
Rudi Dornbusch was an economist who specialized in international economics, particularly monetary policy, macroeconomic development, growth, and international trade. He was born on June 8, 1942 in Krefeld, which is now part of North Rhine-Westphalia, Germany, and passed away in 2002. After completing his secondary education at Gymnasium am Moltkeplatz in Krefeld, he went abroad to pursue his studies. In 1966, he received a Bachelor’s degree in Political Science from the Graduate Institute of International Studies at the University of Geneva and stayed as an economics assistant for a year. He then moved to the United States and earned his Ph.D. in economics from the University of Chicago.
Rudi Dornbusch spent most of his career working in the United States. After completing his primary education at Gymnasium am Moltkeplatz in Krefeld, he went abroad to pursue his studies. In 1966, he received a Licence en Sciences Politiques degree from the Graduate Institute of International Studies at the University of Geneva and stayed as an economics assistant for a year. He then moved to the United States and earned his economics doctorate from the University of Chicago.
Academic Career and Works:
Rudi Dornbusch briefly served as a faculty member at the Graduate School of Business at the University of Chicago in Brazil. He worked as an assistant professor in the Economics Department at the University of Rochester for two years and then returned to the International Economics Department of the University of Chicago’s Graduate School of Business as an assistant professor. In 1975, he moved to MIT and was appointed as an assistant professor in the Economics Department. He became a full professor in 1984 and continued to work here until the end of his life.
Throughout his career, he focused on international economics, particularly monetary policy, macroeconomic development, growth, and international trade. According to his students and colleagues, he had the ability to extract the essence of a problem and make it understandable in simple terms. For example, he explained price and exchange rate fluctuations very clearly (especially with the overshooting model). He made a more realistic model than the Mundell-Fleming model by considering exchange rate expectations in a small open economic system. Rudi Dornbusch also worked at the International Monetary Fund and made contentious contributions to the development of stability policies for Latin American countries.
Rudi Dornbusch and His Publications:
Rudi Dornbusch was a prolific author who wrote extensively on macroeconomics, international economic policy, and open economy macroeconomics. He co-authored “Macroeconomics” with S. Fischer, which has had five editions published by McGraw-Hill. He also edited “International Economic Policy: Theory and Evidence” with J. A. Frenkel and authored “Open Economy Macroeconomics” published by Basic Books.
Some of his other notable publications include “Inflation, Debt and Indexation” (edited with M. H. Simonsen), “Financial Policies and the World Capital Market” (edited with P. Aspe and M. Obstfeld), and “Exchange Rates and Inflation” published by MIT Press. He also edited “Stopping High Inflation” with M. Bruno, G. diTella, and S. Fischer, and “Public Debt Management: Theory and History” with Mario Draghi published by Cambridge University Press.
Dornbusch’s work extended beyond macroeconomics to cover other topics such as Argentina’s political economy, Eastern Europe’s reform, and global warming economic policy responses. He edited “The Political Economy of Argentina, 1946–83” with G. diTella, “Reform in Eastern Europe” jointly with O. Blanchard et al., and “Global Warming: Economic Policy Responses” with J. Poterba. He also edited “The Macroeconomics of Populism in Latin America” with S. Edwards, “East-West Migration” with Layard, Blanchard, and Krugman, and “Postwar Economic Reconstruction and Lessons for the East Today” with W. Nolling and R. Layard. In addition to these works, Dornbusch wrote “Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck,” published by MIT Press in 2000.
