Editing Rudi Dornbusch

{{Short description|German economist (1942–2002)}}
{{Use mdy dates|date=February 2025}}
{{Infobox economist
| name        = Rudi Dornbusch
| native_name = 
| native_name_lang = 
| school_tradition = [[New Keynesian economics]]
| image       =27. Internationales Management Symposium 1997-Rüdiger Dornbusch-HSGH 022-000754-04.jpg
| caption     =
| birth_date  = {{Birth date|1942|06|08|mf=y}}
|birth_name=Rüdiger Dornbusch
| birth_place =  [[Krefeld]], [[Rhine Province]], Germany
| death_date = {{Death date and age|2002|07|25|1942|06|08|mf=y}}
| death_place = [[Washington, D.C.]], U.S.
| resting_place = 
| resting_place_coordinates = 
| institutions = [[Massachusetts Institute of Technology|MIT]] (1975–2002)<br />[[University of Chicago]] (1974–1975)<br />[[University of Rochester]] (1972–1974)
| field       = [[International economics]]
| doctoral_advisor = [[Robert Mundell]]<ref>[https://www.project-syndicate.org/commentary/rudi-dornbusch?barrier=true Rudi Dornbusch by Stanley Fischer – Project Syndicate]</ref>
| academic_advisors=
| doctoral_students= [[Andrew Abel]]<ref>{{cite thesis |last= Abel |first= Andrew B. |date= 1978 |title= Investment and the value of capital |type= Ph.D. |publisher= [[MIT]] |url= http://library.mit.edu/F/11SCNGN8U5196ISSKE1PQGM984KG6UAK582H65PSCTFRKLKTJL-00784?func=find-acc&acc_sequence=003442276 |access-date= October 22, 2016 }}</ref><br />[[Pedro Aspe]]<br />[[Eliana Cardoso]]<br />[[José De Gregorio]]<br />[[Jeffrey Frankel]]<br />[[Francesco Giavazzi]]<br />[[Ilan Goldfajn]]<ref>{{cite thesis |last= Goldfajn |first= Ilan |date= 1995 |title= On public debt and exchange rates |type= Ph.D. |publisher= [[MIT]] |hdl= 1721.1/11082 |url= https://dspace.mit.edu/handle/1721.1/11082 |access-date= May 25, 2017 }}</ref><br />[[Paul Krugman]]<ref name=turk>{{cite news |author=Paul Krugman |author-link=Paul Krugman |title=Turmoil for Turkey's Trump |url=https://www.nytimes.com/2018/05/24/opinion/turkey-trump-erdogan.html |newspaper=[[The New York Times]] |date=May 24, 2018 }}</ref><br />
[[Maurice Obstfeld]]<ref>[http://library.mit.edu/F/XIGTSBBJ96NKYISCYKNNUGLKCUPXYRXLN4V4XI45PMDN3PG5BK-04295?func=find-acc&acc_sequence=011370172 Capital mobility and monetary policy under fixed and flexible exchange rates.]</ref><br />[[Kenneth Rogoff]]<ref>[https://dspace.mit.edu/bitstream/handle/1721.1/15970/07027399-MIT.pdf?sequence=2#page=3 Essays on expectations and exchange rate volatility]</ref><br />[[Christina Romer]]<ref>[http://library.mit.edu/F/JA5KSJ22C34NAKCHB7T549S1MTF1VDVVHHUQNM6F4QDM4A3YM4-03437?func=find-acc&acc_sequence=006454269 The instability of the prewar economy reconsidered : a critical examination of historical macroeconomic data.]</ref><br />[[D. Nathan Sheets]]
| notable_students =
| influences  = 
| influenced  = 
| contributions = [[Overshooting model]]<br />[[Dornbusch's law]]
| awards      = 
| memorials   = 
| spouse      = 
| signature   = <!--(filename only)-->
| module      = 
| repec_prefix = e
| repec_id = pdo31
|education=[[University of Geneva]] ([[Bachelor of Arts|BA]])<br />[[Graduate Institute of International Studies]] ([[Bachelor of Arts|BA]])<br />[[University of Chicago]] ([[M. A.|MA]], [[PhD]])}}

'''Rüdiger''' "'''Rudi'''" '''Dornbusch''' (June 8, 1942 – July 25, 2002) was a German [[economist]] who worked in the United States for most of his career.

== Early life and education ==
Dornbusch was born in [[Krefeld]] in 1942.<ref name=":0">{{Cite web |date=July 26, 2002 |title=MIT international economist Rudiger Dornbusch dies at 60 |url=https://news.mit.edu/2002/dornbusch |access-date=January 15, 2024 |website=MIT News {{!}} Massachusetts Institute of Technology |language=en}}</ref> After completing his secondary education at the [[:de:Gymnasium am Moltkeplatz|Gymnasium am Moltkeplatz]], he studied [[political science]] at the [[University of Geneva]], and received his undergraduate degree (''licence en sciences politiques'') from the [[Graduate Institute of International Studies]] in 1966.<ref name=":0" /> He went on to graduate study at the [[University of Chicago]], receiving a [[Master of Arts|M.A.]] in [[economics]] in 1966, and a [[Doctor of Philosophy|Ph.D.]] in economics in 1971.<ref name=":0" />

== Career ==
He lectured briefly at the [[University of Chicago Booth School of Business]], before serving as an [[assistant professor]] at the [[University of Rochester]] for two years; he then returned to Chicago, where he served as a professor of international economics. In 1975, he moved to [[MIT]], where he was appointed an [[associate professor]] in the [[MIT Department of Economics|Department of Economics]], and was made a [[Professor|full professor]] in 1984.<ref name=":0" /> He stayed at MIT until his death in 2002.<ref>{{cite news |date=August 10, 2002 |title=Rudiger Dornbusch |newspaper=The Economist |url=http://www.economist.com/node/1270474 |access-date=August 5, 2013}}</ref>

Throughout his career his main focus was on [[international economics]], especially monetary policy, macroeconomic development, growth and international trade. According to some of his students and associates his talent was to extract the heart of a problem and make it understandable in simple terms. For example, he explained fluctuations in prices and exchange rates with great clarity (notably with his [[overshooting model]]). He succeeded in making a more realistic model than [[Mundell–Fleming model]] with regard to a small open economic system, considering exchange rate expectations.<ref>Dornbusch, R. (1976). "Exchange Rate Expectations and Monetary Policy". ''Journal of International Economics'' 6 (3): 231–244.</ref> He worked also for the [[International Monetary Fund]], contributing to the development of stabilisation policies, especially for Latin American countries. Along with [[Sebastián Edwards]] he coined the term [[macroeconomic populism]]. For more than 15 years he served as an associate editor of the ''[[Quarterly Journal of Economics]]''.

Together with [[Stanley Fischer]] he also wrote widely used undergraduate textbooks.

He died, aged sixty, from [[cancer]].<ref>{{Cite web|url=https://news.mit.edu/2002/dornbusch|title = MIT international economist Rudiger Dornbusch dies at 60| date=July 26, 2002 }}</ref>

== Major works ==
*''Macroeconomics'', McGraw-Hill, New York, 1990 (with S. Fischer) 5th ed.
*''International Economic Policy: Theory and Evidence'', Johns Hopkins University Press, (edited with J. A. Frenkel.)
*''Open Economy Macroeconomics'', Basic Books, New York, 1980.
*''Inflation, Debt and Indexation'', MIT Press, 1983. (ed. with M. H. Simonsen.)
*''Financial Policies and the World Capital Market'', University of Chicago Press, 1983. (ed. with P. Aspe and M. Obstfeld.)
*''Economics'', McGraw-Hill, New York, 1987, 2nd ed. (with S. Fischer and R. Schmalensee)
*''Restoring Europe's Prosperity'', (with O. Blanchard and R. Layard) MIT Press, 1986.
*''Dollars, Debts and Deficits'', MIT Press, 1987.
*''Macroeconomics and Finance'', (Essays in Honor of Franco Modigliani) MIT Press, 1987, (Ed. with S. Fischer)
*''The Political Economy of Argentina'', 1946–83, Macmillan, 1988. (ed. with G. diTella)
*''Exchange Rates and Inflation'' MIT Press, 1988.
*''Stopping High Inflation'' (ed. with M. Bruno, G. diTella and S. Fischer), MIT Press, 1988.
*''The Open Economy: Tools for Policy Makers in Developing Countries'' (ed. with Leslie Helmers) Oxford University Press, 1988.
*''Public Debt Management: Theory and History'' (ed. with Mario Draghi) Cambridge University Press, 1990.
*''Reform in Eastern Europe'' (jointly with O. Blanchard et al.) MIT Press, 1991.
*''Global Warming: Economic Policy Responses'' (ed. with J. Poterba) MIT Press, 1991.
*''The Macroeconomics of Populism in Latin America'' (ed. with S. Edwards). MIT Press, 1991.
*''East–West Migration'' (with Layard, Blanchard, and Krugman) MIT Press, 1992.
*''Postwar Economic Reconstruction and Lessons for the East Today'' (ed. with W. Nolling and R. Layard) MIT Press, 1993
*''Stabilization, Debt, and Reform: Policy Analysis For Developing Countries'', Prentice Hall, 1993.
*''Reform, Recovery and Growth'' (ed. with S. Edwards) University of Chicago Press, 1994.
*''Financial Opening: Policy Lessons for Korea'', (edited with Y. C. Park), Korea Institute of Finance, International Center For Economics Growth, 1995.
*''Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck'', MIT Press, 2000.

== Honors and distinctions ==
*[[Guggenheim Fellowship|John Simon Guggenheim Fellowship]], 1979.
*Fellow of the [[American Academy of Arts and Sciences]].
*Doctor honoris causa, [[University of Basel]], 1988.
*Honorary Professor, [[Universidad del Pacífico (Peru)|Universidad del Pacífico]], Lima, Peru, 1989.
*Foreign Member, [[Finnish Academy of Science and Letters]], 1992.
*[[Harms Prize]], [[Institute for World Economy]], Kiel, 1992.<ref>{{cite web |title=Bernhard Harms Prize |url=http://www.ifw-kiel.de/events-1/bernhard-harms-prize/bernhard-harms-prize/view?set_language=en |publisher=Kiel Institute |access-date=August 5, 2013}}</ref>
*Honorary doctorate, [[Pontifical Catholic University of Peru|Catholic University]], Lima Peru, 1998.
*[[Center for Economic Studies#Distinguished CES Fellows|Distinguished CES Fellow, Center for Economic Studies]], [[Ludwig Maximilian University of Munich|University of Munich]], 1998.
*Concord Prize, Krefeld, 1999
*Named among the "Top 100 Economists in the World",<ref>[https://ideas.repec.org/top/top.person.all.html Top 100 Economists in the World]</ref> according to [[RePEc|IDEAS/RePEc]]

== References ==
{{Reflist}}

== External links ==
* [https://archivesspace.mit.edu/repositories/2/resources/1067 Rudiger Dornbusch Papers], MC-0576. Massachusetts Institute of Technology, Department of Distinctive Collections, Cambridge, Massachusetts.
* [http://econ-www.mit.edu/faculty/dornbusch/ Dornbusch page on MIT website]
* [https://ideas.repec.org/e/pdo31.html IDEAS/RePEc]
* [http://www.project-syndicate.org/contributor/r-diger-dornbusch Dornbusch's opinion commentary archive] at [[Project Syndicate]]
* {{C-SPAN|5422}}

{{Authority control}}

{{DEFAULTSORT:Dornbusch, Rudi}}
[[Category:1942 births]]
[[Category:2002 deaths]]
[[Category:International economists]]
[[Category:Trade economists]]
[[Category:People from Krefeld]]
[[Category:University of Geneva alumni]]
[[Category:Graduate Institute of International and Development Studies alumni]]
[[Category:University of Chicago alumni]]
[[Category:MIT Sloan School of Management faculty]]
[[Category:20th-century American writers]]
[[Category:20th-century  German  economists]]
[[Category:21st-century  German economists]]
[[Category:Fellows of the Econometric Society]]
[[Category:20th-century German male writers]]
[[Category:Distinguished fellows of the American Economic Association]]
[[Category:German male non-fiction writers]]