He advocates reducing top marginal income tax rates, slashing the capital gains tax, and cutting the corporate income tax. They go beyond the monetarist policy of controlling the growth of the money supply. Unlike the monetarists, supply-siders like Mundell resolutely favor increasing the role of gold in international monetary affairs. According to Mundell, gold plays an essential role as a hedge against a return of inflation. I do not think this an outlandish figure.
Gold is a good investment for central bankers.
He did not foresee central banks selling any more gold. In awarding Mundell the prize, the Bank of Sweden recognized him as the chief intellectual proponent of the euro, the new currency of the European Community. He considers the euro a super-currency of continental dimensions that will challenge the dollar as the dominant currency. The benefits of a single currency include lower transaction costs, greater monetary stability, and a common monetary policy. Mundell advocates an open global economy, expanded foreign trade, and fewer national currencies.