Maurice Obstfeld

University of California, Berkeley

530 Evans Hall #3880

Berkeley, CA 94720

United States

http://www.mauriceobstfeld.com

Peterson Institute for International Economics

1750 Massachusetts Avenue, NW

Washington, DC 20036

United States

National Bureau of Economic Research

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

Centre for Economic Policy Research

London

United Kingdom

  • University of California, Berkeley

  • Peterson Institute for International Economics

  • National Bureau of Economic Research

  • Centre for Economic Policy Research

SCHOLARLY PAPERS

119

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1,949

CROSSREF CITATIONS

4,838

Scholarly Papers (119)

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1.

Trilemmas and Trade-Offs: Living with Financial Globalisation

BIS Working Paper No. 480
Number of pages: 66 Posted: 22 Jan 2015
Maurice Obstfeld
University of California, Berkeley
Downloads 1,003 (44,681)
Citation 27

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policy trilemma, financial stability, financial globalisation, international policy transmission

2.

The Unsustainable Us Current Account Position Revisited

NBER Working Paper No. w10869
Number of pages: 36 Posted: 28 Oct 2004 Last Revised: 14 Sep 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 737 (67,906)
Citation 66

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3.

The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?

NBER Working Paper No. w7777
Number of pages: 66 Posted: 19 Jul 2000 Last Revised: 03 Apr 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 667 (77,164)
Citation 155

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4.

The International Financial System after COVID-19

Peterson Institute for International Economics Working Paper No. 22-2
Number of pages: 30 Posted: 02 Mar 2022 Last Revised: 07 Mar 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 473 (118,201)
Citation 3

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COVID-19 crisis, emerging markets, capital flows, international finance, global financial cycle, US dollar, Korean economy

5.

The Logic of Currency Crises

NBER Working Paper No. w4640
Number of pages: 64 Posted: 14 Jun 2000 Last Revised: 07 Sep 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 368 (157,741)
Citation 9

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6.

Risk and Exchange Rates

NBER Working Paper No. w6694
Number of pages: 49 Posted: 12 Nov 1998 Last Revised: 17 Oct 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 352 (165,630)
Citation 2

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7.

Globalization and Capital Markets

NBER Working Paper No. w8846
Number of pages: 69 Posted: 23 Mar 2002 Last Revised: 04 Sep 2022
Maurice Obstfeld and Alan M. Taylor
University of California, Berkeley and Columbia University
Downloads 351 (166,095)
Citation 21

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8.

Floating Exchange Rates: Experience and Prospects

Number of pages: 82 Posted: 22 Oct 2000
Maurice Obstfeld
University of California, Berkeley
Downloads 286 (206,428)
Citation 5

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9.

Exchange Rate Dynamics Redux

NBER Working Paper No. w4693
Number of pages: 36 Posted: 27 Aug 2000 Last Revised: 30 Oct 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 270 (218,959)
Citation 44

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10.

Models of Currency Crises with Self-Fulfilling Features

NBER Working Paper No. w5285
Number of pages: 24 Posted: 24 Jul 2000
Maurice Obstfeld
University of California, Berkeley
Downloads 220 (267,268)
Citation 25

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11.

The Mirage of Fixed Exchange Rates

NBER Working Paper No. w5191
Number of pages: 46 Posted: 14 Jun 2000 Last Revised: 10 Mar 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 205 (285,427)
Citation 25

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12.

Intrinsic Bubbles: the Case of Stock Prices

NBER Working Paper No. w3091
Number of pages: 45 Posted: 08 Jun 2004 Last Revised: 14 Dec 2022
Kenneth Froot and Maurice Obstfeld
Harvard University Graduate School of Business and University of California, Berkeley
Downloads 195 (298,679)
Citation 22

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13.

International Macroeconomics: Beyond the Mundell-Fleming Model

NBER Working Paper No. w8369
Number of pages: 56 Posted: 09 Jul 2001 Last Revised: 14 Nov 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 188 (308,721)
Citation 36

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14.

Global Imbalances and the Financial Crisis: Products of Common Causes

CEPR Discussion Paper No. DP7606
Number of pages: 72 Posted: 11 Jan 2010
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 187 (310,149)
Citation 12
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current account deficit, financial crisis, financial reform, global imbalances, housing bubble

15.

International Finance and Growth in Developing Countries: What Have We Learned?

NBER Working Paper No. w14691
Number of pages: 86 Posted: 31 Jan 2009 Last Revised: 24 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 168 (342,849)
Citation 9

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16.

Rational and Self-Fulfilling Balance-of-Payments Crises

NBER Working Paper No. w1486
Number of pages: 26 Posted: 28 Jun 2004 Last Revised: 25 Jul 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 163 (350,086)
Citation 11

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17.

The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility

NBER Working Paper No. w10396
Number of pages: 41 Posted: 10 May 2004 Last Revised: 28 Nov 2022
Maurice Obstfeld, Jay Shambaugh and Alan M. Taylor
University of California, Berkeley, George Washington University - Department of Economics and Columbia University
Downloads 163 (355,579)
Citation 37

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18.

Capital Mobility in the World Economy: Theory and Measurement

NBER Working Paper No. w1692
Number of pages: 66 Posted: 27 Apr 2000 Last Revised: 18 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 156 (363,188)
Citation 4

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19.

Covered Interest Parity Deviations: Macrofinancial Determinants

Downloads 147 (381,307)
Citation 14

Covered Interest Parity Deviations: Macrofinancial Determinants

IMF Working Paper No. 19/14
Number of pages: 37 Posted: 13 Feb 2019
Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou
International Monetary Fund (IMF), University of California, Berkeley and Princeton University - Department of Economics
Downloads 113 (469,423)

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Interest parity, Foreign exchange markets, Interest rate differential, Monetary policy, Covered Interest Parity, Interest Rate Differentials, Forward FX M, Forward FX Market

Covered Interest Parity Deviations: Macrofinancial Determinants

NBER Working Paper No. w26129
Number of pages: 51 Posted: 07 Aug 2019 Last Revised: 25 May 2023
Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou
International Monetary Fund (IMF), University of California, Berkeley and Princeton University - Department of Economics
Downloads 34 (879,356)

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Covered Interest Parity Deviations: Macrofinancial Determinants

CEPR Discussion Paper No. DP13886
Number of pages: 52 Posted: 02 Aug 2019 Last Revised: 07 Sep 2020
Eugenio Cerutti, Maurice Obstfeld and Haonan Zhou
International Monetary Fund (IMF), University of California, Berkeley and Princeton University - Department of Economics
Downloads 0
Citation 1
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Covered Interest Parity, forward FX market, Interest Rate Differentials

20.

New Directions for Stochastic Open Economy Models

NBER Working Paper No. w7313
Number of pages: 48 Posted: 24 Feb 2000 Last Revised: 26 Dec 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 146 (385,426)
Citation 38

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21.

Exchange-Rate Dynamics

NBER Working Paper No. w1230
Number of pages: 97 Posted: 23 Apr 2004 Last Revised: 13 Nov 2022
Maurice Obstfeld and Alan C. Stockman
University of California, Berkeley and University of Rochester - Department of Economics
Downloads 142 (391,901)

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22.

The Global Capital Market: Benefactor or Menace?

NBER Working Paper No. w6559
Number of pages: 41 Posted: 20 Jun 2000 Last Revised: 05 Jun 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 141 (394,133)
Citation 20

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23.

Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations

NBER Working Paper No. t0011
Number of pages: 38 Posted: 04 Oct 2001 Last Revised: 15 Jul 2023
Maurice Obstfeld, Robert E. Cumby and John P. Huizinga
University of California, Berkeley, Georgetown University - Department of Economics and University of Chicago - Booth School of Business
Downloads 139 (398,533)
Citation 14

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24.

The Intertemporal Approach to the Current Account

NBER Working Paper No. w4893
Number of pages: 89 Posted: 17 May 2011 Last Revised: 16 Nov 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 138 (400,843)
Citation 27

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25.

Financial Stability, the Trilemma, and International Reserves

Downloads 134 (410,162)
Citation 165

Financial Stability, the Trilemma, and International Reserves

NBER Working Paper No. w14217
Number of pages: 48 Posted: 18 Aug 2008 Last Revised: 08 May 2022
Maurice Obstfeld, Jay Shambaugh and Alan M. Taylor
University of California, Berkeley, George Washington University - Department of Economics and Columbia University
Downloads 127 (428,864)
Citation 73

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Financial Stability, the Trilemma, and International Reserves

CEPR Discussion Paper No. DP6693
Number of pages: 47 Posted: 09 Jun 2008
Maurice Obstfeld, Jay Shambaugh and Alan M. Taylor
University of California, Berkeley, George Washington University - Department of Economics and Columbia University
Downloads 7 (1,171,599)
Citation 24
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banking crises, capital flight, central banks, exchange rate regimes, financial development, foreign exchange, global imbalances, Guidotti-Greenspan rule, international liquidity, intervention, lender of last resort, net foreign assets, sterilization, sudden stop

26.

Balance-of-Payments Crises and Devaluation

NBER Working Paper No. w1103
Number of pages: 21 Posted: 27 Apr 2000 Last Revised: 09 Jul 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 122 (440,846)
Citation 8

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27.

Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies

NBER Working Paper No. w10849
Number of pages: 38 Posted: 02 Nov 2004 Last Revised: 25 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 117 (454,856)
Citation 4

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28.

The Great Depression as a Watershed: International Capital Mobility Over the Long Run

NBER Working Paper No. w5960
Number of pages: 67 Posted: 20 Jun 2000 Last Revised: 16 Oct 2022
Maurice Obstfeld and Alan M. Taylor
University of California, Berkeley and Columbia University
Downloads 117 (454,856)
Citation 5

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29.

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

NBER Working Paper No. w14826
Number of pages: 23 Posted: 29 Mar 2009 Last Revised: 07 Jul 2022
Maurice Obstfeld, Jay Shambaugh and Alan M. Taylor
University of California, Berkeley, George Washington University - Department of Economics and Columbia University
Downloads 115 (460,851)
Citation 12

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30.

Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics

Downloads 115 (463,802)
Citation 24

Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics

NBER Working Paper No. w9118
Number of pages: 39 Posted: 23 Aug 2002 Last Revised: 02 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 89 (559,097)

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Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics

Number of pages: 41 Posted: 11 Oct 2002
Maurice Obstfeld
University of California, Berkeley
Downloads 26 (954,707)
Citation 3
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Exchange rate policy, international adjustment, expenditure-switching effects, elasticity pessimism, international competitiveness

31.

Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?

NBER Working Paper No. w3027
Number of pages: 50 Posted: 21 Dec 2000 Last Revised: 10 Oct 2022
Harold L. Cole and Maurice Obstfeld
University of Pennsylvania - Department of Economics and University of California, Berkeley
Downloads 111 (473,207)
Citation 81

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32.

Does the Current Account Still Matter?

Downloads 110 (476,234)
Citation 90

Does the Current Account Still Matter?

NBER Working Paper No. w17877
Number of pages: 66 Posted: 02 Mar 2012 Last Revised: 08 May 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 103 (503,002)
Citation 1

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Does the Current Account Still Matter?

CEPR Discussion Paper No. DP8888
Number of pages: 68 Posted: 04 Apr 2012
Maurice Obstfeld
University of California, Berkeley
Downloads 7 (1,171,599)
Citation 10
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Current account, External adjustment problems, Financial stability, Global imbalances, Gross financial flows, Intertemporal budget constraint, Net international investment position

33.

International Interest-Rate and Price-Level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence

NBER Working Paper No. w0921
Number of pages: 60 Posted: 01 Jun 2004 Last Revised: 10 Jul 2022
Robert E. Cumby and Maurice Obstfeld
Georgetown University - Department of Economics and University of California, Berkeley
Downloads 103 (502,622)
Citation 8

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34.

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

Downloads 102 (502,622)
Citation 37

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

NBER Working Paper No. w10393
Number of pages: 43 Posted: 13 May 2004 Last Revised: 26 Nov 2022
Maurice Obstfeld, Alan M. Taylor and Jay Shambaugh
University of California, Berkeley, Columbia University and George Washington University - Department of Economics
Downloads 82 (584,283)
Citation 16

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Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

Number of pages: 45 Posted: 18 May 2004
Maurice Obstfeld, Jay Shambaugh and Alan M. Taylor
University of California, Berkeley, George Washington University - Department of Economics and Columbia University
Downloads 20 (1,019,099)
Citation 4
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Trilemma, exchange rates, monetary policy

35.

Saving, Investment, and Gold: A Reassessment of Historical Current Account Data

NBER Working Paper No. w6103
Number of pages: 61 Posted: 09 Feb 1998 Last Revised: 05 Sep 2022
Matthew T. Jones and Maurice Obstfeld
International Monetary Fund (IMF) - Monetary and Exchange Affairs Department and University of California, Berkeley
Downloads 102 (502,622)
Citation 1

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36.

Stories of the Twentieth Century for the Twenty-First

Downloads 99 (512,918)
Citation 301

Stories of the Twentieth Century for the Twenty-First

NBER Working Paper No. w17252
Number of pages: 70 Posted: 29 Jul 2011 Last Revised: 20 Feb 2023
Pierre-Olivier Gourinchas and Maurice Obstfeld
University of California, Berkeley - Department of Economics and University of California, Berkeley
Downloads 93 (539,424)
Citation 13

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Stories of the Twentieth Century for the Twenty-First

CEPR Discussion Paper No. DP8518
Number of pages: 72 Posted: 12 Aug 2011
Pierre-Olivier Gourinchas and Maurice Obstfeld
University of California, Berkeley - Department of Economics and University of California, Berkeley
Downloads 6 (1,183,441)
Citation 50
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banking crisis, Credit boom, currency crisis, emerging markets, leverage, sovereign default

37.

Risk-Taking, Global Diversification, and Growth

NBER Working Paper No. w4093
Number of pages: 41 Posted: 24 Jul 2007 Last Revised: 10 Mar 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 99 (512,918)
Citation 30

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38.

International Finance

NBER Working Paper No. w2077
Number of pages: 39 Posted: 01 Jun 2004 Last Revised: 05 Sep 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 99 (512,918)

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39.

The Case for Open-Market Purchases in a Liquidity Trap

Downloads 94 (530,622)
Citation 66

The Case for Open-Market Purchases in a Liquidity Trap

NBER Working Paper No. w9814
Number of pages: 50 Posted: 05 Jul 2003 Last Revised: 27 Oct 2022
Alan J. Auerbach and Maurice Obstfeld
University of California, Berkeley - Department of Economics and University of California, Berkeley
Downloads 77 (606,645)
Citation 10

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The Case for Open-Market Purchases in a Liquidity Trap

Number of pages: 62 Posted: 20 Jul 2004
Alan J. Auerbach and Maurice Obstfeld
University of California, Berkeley - Department of Economics and University of California, Berkeley
Downloads 17 (1,053,676)
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Liquidity trap, zero bound, Japan

40.

International Capital Mobility in the 1990s

NBER Working Paper No. w4534
Number of pages: 99 Posted: 15 Sep 2000 Last Revised: 23 Nov 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 94 (530,622)
Citation 2

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41.

Open-Economy Macroeconomics, Developments in Theory and Policy

NBER Working Paper No. w6319
Number of pages: 43 Posted: 20 Jul 2000 Last Revised: 09 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 93 (534,335)

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42.

Time of Troubles: The Yen and Japan's Economy, 1985-2008

NBER Working Paper No. w14816
Number of pages: 91 Posted: 29 Mar 2009 Last Revised: 26 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 90 (545,543)
Citation 2

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43.

The Adjustment Mechanism

NBER Working Paper No. w3943
Number of pages: 105 Posted: 05 Jul 2004 Last Revised: 12 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 90 (545,543)
Citation 1

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44.

Exchange-Rate Expectations and Nominal Interest Differentials: A Test Ofthe Fisher Hypothesis

NBER Working Paper No. w0537
Number of pages: 11 Posted: 23 Apr 2004 Last Revised: 22 Dec 2022
Robert E. Cumby and Maurice Obstfeld
Georgetown University - Department of Economics and University of California, Berkeley
Downloads 87 (556,952)
Citation 6

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45.

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 Versus 1925-31

Downloads 86 (561,028)
Citation 76

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 Versus 1925-31

NBER Working Paper No. w9345
Number of pages: 48 Posted: 21 Nov 2002 Last Revised: 16 Jul 2022
Maurice Obstfeld and Alan M. Taylor
University of California, Berkeley and Columbia University
Downloads 67 (656,130)
Citation 25

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Sovereign Risk, Credibility and the Gold Standard: 1870-1913 Versus 1925-31

Number of pages: 50 Posted: 29 Jan 2003
Maurice Obstfeld and Alan M. Taylor
University of California, Berkeley and Columbia University
Downloads 19 (1,030,527)
Citation 11
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Gold standard, sovereign risk, credibility, monetary regimes, exchange rates

46.

Dynamic Seigniorage Theory: an Exploration

NBER Working Paper No. w2869
Number of pages: 59 Posted: 20 Nov 2000 Last Revised: 05 Nov 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 84 (568,927)
Citation 3

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47.

Fiscal Deficits and Relative Prices in a Growing World Economy

NBER Working Paper No. w2725
Number of pages: 50 Posted: 23 Apr 2004 Last Revised: 14 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 79 (589,738)

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48.

The Global Dollar Cycle

NBER Working Paper No. w31004
Number of pages: 86 Posted: 06 Mar 2023 Last Revised: 10 Jul 2023
Maurice Obstfeld and Haonan Zhou
University of California, Berkeley and Princeton University
Downloads 78 (594,051)
Citation 18

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49.

External Adjustment

NBER Working Paper No. w10843
Number of pages: 45 Posted: 02 Nov 2004 Last Revised: 19 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 77 (598,291)
Citation 8

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50.

Are Industrial-Country Consumption Risks Globally Diversified?

NBER Working Paper No. w4308
Number of pages: 57 Posted: 28 Dec 2006 Last Revised: 10 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 73 (616,364)
Citation 9

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51.

Intertemporal Dependence, Impatience, and Dynamics

NBER Working Paper No. w3028
Number of pages: 48 Posted: 17 Oct 2007 Last Revised: 12 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 71 (625,761)
Citation 3

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52.

Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?

NBER Working Paper No. w0855
Number of pages: 32 Posted: 04 Jul 2004 Last Revised: 04 Nov 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 71 (625,761)
Citation 11

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53.

Exchange Rate Dynamics Under Stochastic Regime Shifts: a Unified Approach

NBER Working Paper No. w2835
Number of pages: 28 Posted: 23 Apr 2004 Last Revised: 02 Oct 2022
Kenneth Froot and Maurice Obstfeld
Harvard University Graduate School of Business and University of California, Berkeley
Downloads 71 (625,761)
Citation 11

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54.

Can We Sterilize? Theory and Evidence

NBER Working Paper No. w0833
Number of pages: 14 Posted: 29 Dec 2006 Last Revised: 13 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 70 (630,432)
Citation 1

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55.

Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account

NBER Working Paper No. w0540
Number of pages: 21 Posted: 31 May 2004 Last Revised: 25 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 70 (630,432)
Citation 2

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56.

How Integrated are World Capital Markets? Some New Tests

NBER Working Paper No. w2075
Number of pages: 41 Posted: 26 May 2004 Last Revised: 04 Sep 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 70 (630,432)

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57.

The International Monetary System: Living with Asymmetry

Downloads 69 (635,285)
Citation 9

The International Monetary System: Living with Asymmetry

NBER Working Paper No. w17641
Number of pages: 61 Posted: 03 Dec 2011 Last Revised: 16 Mar 2023
Maurice Obstfeld
University of California, Berkeley
Downloads 60 (694,559)
Citation 2

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The International Monetary System: Living with Asymmetry

CEPR Discussion Paper No. DP8703
Number of pages: 63 Posted: 22 Dec 2011
Maurice Obstfeld
University of California, Berkeley
Downloads 9 (1,147,920)
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currency wars, exchange rates, global imbalances, international monetary system, liquidity, Triffin dilemma

58.

Capital Controls, the Dual Exchange Rate, and Devaluation

NBER Working Paper No. w1324
Number of pages: 34 Posted: 06 Mar 2007 Last Revised: 15 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 69 (635,285)

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59.

Regional Nonadjustment and Fiscal Policy: Lessons for Emu

NBER Working Paper No. w6431
Number of pages: 87 Posted: 12 Jul 2000 Last Revised: 30 Jul 2022
Maurice Obstfeld and Giovanni Peri
University of California, Berkeley and University of California, Davis - Department of Economics
Downloads 69 (635,285)

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60.

Emu: Ready, or Not?

NBER Working Paper No. w6682
Number of pages: 47 Posted: 06 Oct 1998 Last Revised: 06 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 68 (640,245)
Citation 2

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61.

Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited

NBER Working Paper No. w6053
Number of pages: 48 Posted: 20 Jul 2000 Last Revised: 16 Jan 2022
Maurice Obstfeld and Alan M. Taylor
University of California, Berkeley and Columbia University
Downloads 66 (650,116)
Citation 10

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62.

Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?

NBER Working Paper No. w0686
Number of pages: 34 Posted: 18 Aug 2004 Last Revised: 18 Nov 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 65 (660,327)
Citation 14

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63.

Do We Really Need a New International Monetary Compact?

NBER Working Paper No. w7864
Number of pages: 40 Posted: 25 Aug 2000 Last Revised: 29 Dec 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 65 (655,173)

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64.

Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes

NBER Working Paper No. w1593
Number of pages: 32 Posted: 22 Jun 2004 Last Revised: 10 Nov 2022
Guillermo A. Calvo and Maurice Obstfeld
Columbia University - School of International & Public Affairs (SIPA) and University of California, Berkeley
Downloads 63 (665,497)
Citation 5

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65.

Exchange Rates, Inflation and the Sterilization Problem: Germany, 1975-1981

NBER Working Paper No. w0963
Number of pages: 53 Posted: 23 Apr 2004 Last Revised: 21 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 63 (665,497)
Citation 3

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66.

Monetary and Fiscal Remedies for Deflation

NBER Working Paper No. w10290
Number of pages: 13 Posted: 16 Aug 2010 Last Revised: 13 Feb 2022
Alan J. Auerbach and Maurice Obstfeld
University of California, Berkeley - Department of Economics and University of California, Berkeley
Downloads 59 (686,827)
Citation 1

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67.

Evaluating Risky Consumption Paths: the Role of Intertemporal Substitutability

NBER Working Paper No. t0120
Number of pages: 39 Posted: 27 Jun 2007 Last Revised: 01 May 2023
Maurice Obstfeld
University of California, Berkeley
Downloads 59 (686,827)
Citation 5

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68.

Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization

NBER Working Paper No. w1526
Number of pages: 49 Posted: 22 Jul 2000 Last Revised: 04 Sep 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 59 (686,827)
Citation 2

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69.

Ruling Out Nonstationary Speculative Bubbles

NBER Working Paper No. w1601
Number of pages: 26 Posted: 29 Jun 2004 Last Revised: 18 Nov 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 58 (692,265)
Citation 5

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70.

The Unsustainable U.S. Current Account Position Revisited

CEPR Discussion Paper No. 5416
Number of pages: 54 Posted: 27 Mar 2006
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
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External imbalance, net foreign assets, real exchange rate, sustainability, US current account deficit

71.

Sterilization and Offsetting Capital Movements: Evidence from West Germany, 1960-1970

NBER Working Paper No. w0494
Number of pages: 53 Posted: 21 Mar 2001 Last Revised: 09 Nov 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 55 (709,158)

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72.

Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate

NBER Working Paper No. w12699
Number of pages: 20 Posted: 20 Nov 2006 Last Revised: 14 Sep 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 54 (715,004)

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73.

The Capital Inflows Problem Revisited: a Stylized Model of Southern Cone Disinflation

NBER Working Paper No. w1456
Number of pages: 42 Posted: 06 Jul 2004 Last Revised: 26 Jun 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 54 (715,004)
Citation 1

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74.

Exchange Rate Dynamics with Sluggish Prices Under Alternative Price-Adjustment Rules

NBER Working Paper No. w1173
Number of pages: 29 Posted: 23 Apr 2004 Last Revised: 17 Sep 2022
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
Downloads 54 (715,004)
Citation 3

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75.

Harry Johnson’s ‘Case for Flexible Exchange Rates’—50 Years Later

Peterson Institute for International Economics Working Paper No. 20-12
Number of pages: 34 Posted: 08 Jul 2021 Last Revised: 12 Oct 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 53 (733,336)
Citation 2

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Dominant currency pricing, effective lower bound, exchange rate regimes, floating exchange rates, global financial cycle, global value chains

76.

How to Improve Inflation Targeting in Canada

IMF Working Paper No. 16/192
Number of pages: 44 Posted: 09 Dec 2016
Maurice Obstfeld, Kevin Clinton, Ondra Kamenik, Douglas Laxton, Yulia Ustyugova and Hou Wang
University of California, Berkeley, Government of Canada - Bank of Canada, International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and International Monetary Fund (IMF)
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Inflation targeting, Canada, Monetary policy, United States, United Kingdom, Central banks, Transparency, Keynesian economics, Econometric models, Canada; inflation targeting; monetary policy; fiscal policy

77.

The Effectiveness of Foreign-Exchange Intervention: Recent Experience

NBER Working Paper No. w2796
Number of pages: 74 Posted: 01 Aug 2007 Last Revised: 24 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 53 (720,843)

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78.

Peso Problems, Bubbles, and Risk in the Empirical Assessment of Exchange-Rate Behavior

NBER Working Paper No. w2203
Number of pages: 26 Posted: 25 Jun 2004 Last Revised: 09 Jan 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 52 (727,048)

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79.

Intertemporal Price Speculation and the Optimal Current-Account Deficit

NBER Working Paper No. w1100
Number of pages: 28 Posted: 08 Jun 2004 Last Revised: 06 Jul 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 52 (727,048)
Citation 1

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80.

Imperfect Asset Substitutability and Monetary Policy Under Fixed Exchange Rates

NBER Working Paper No. w0485
Number of pages: 24 Posted: 26 May 2004 Last Revised: 01 May 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 51 (733,336)
Citation 2

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81.

Destabilizing Effects of Exchange-Rate Escape Clauses

NBER Working Paper No. w3603
Number of pages: 39 Posted: 18 Apr 2002 Last Revised: 08 May 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 49 (745,854)
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82.

The Euro and the Geography of International Debt Flows

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Citation 37

The Euro and the Geography of International Debt Flows

NBER Working Paper No. w20033
Number of pages: 46 Posted: 14 Apr 2014 Last Revised: 29 Mar 2023
Galina Hale and Maurice Obstfeld
University of California, Santa Cruz and University of California, Berkeley
Downloads 47 (776,811)
Citation 17

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The Euro and the Geography of International Debt Flows

CEPR Discussion Paper No. DP9937
Number of pages: 43 Posted: 02 Jun 2014
Galina Hale and Maurice Obstfeld
University of California, Santa Cruz and University of California, Berkeley
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Citation 12
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EMU, euro crisis, global imbalances, international banking, international debt

83.

International Liquidity: The Fiscal Dimension

NBER Working Paper No. w17379
Number of pages: 30 Posted: 21 Sep 2011 Last Revised: 28 Jun 2023
Maurice Obstfeld
University of California, Berkeley
Downloads 48 (752,276)
Citation 2

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84.

Exchange-Rate Dynamics and Optimal Asset Accumulation Revisited

NBER Working Paper No. t0064
Number of pages: 10 Posted: 08 Jan 2007 Last Revised: 06 Mar 2023
Maurice Obstfeld
University of California, Berkeley
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85.

Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation

NBER Working Paper No. w0599
Number of pages: 21 Posted: 09 Jun 2004 Last Revised: 22 Aug 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 48 (752,276)
Citation 1

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86.

Competitiveness, Realignment, and Speculation: the Role of Financial Markets

NBER Working Paper No. w2539
Number of pages: 29 Posted: 07 Apr 2004 Last Revised: 11 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 48 (752,276)

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87.

Economic multilateralism 80 years after Bretton Woods

Peterson Institute for International Economics Working Paper No. 24-9
Number of pages: 33 Posted: 10 Apr 2024
Maurice Obstfeld
University of California, Berkeley
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multilateralism, Bretton Woods, globalization, geopolitics

88.

In Search of the Armington Elasticity

NBER Working Paper No. w20063
Number of pages: 54 Posted: 21 Apr 2014 Last Revised: 28 Apr 2023
Robert C. Feenstra, Philip A Luck, Maurice Obstfeld and Katheryn Russ
University of California, Davis - Department of Economics, University of California, University of California, Berkeley and University of California, Davis
Downloads 46 (765,465)
Citation 34

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89.

Transitory Terms-of-Trade Shocks and the Current Account: The Case of Constant Time Preference

NBER Working Paper No. w0834
Number of pages: 23 Posted: 08 Jan 2008 Last Revised: 14 Oct 2022
Maurice Obstfeld
University of California, Berkeley
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90.

Global Dimensions of US Monetary Policy

Peterson Institute for International Economics Working Paper No. 19-16
Number of pages: 68 Posted: 15 Oct 2019
Maurice Obstfeld
University of California, Berkeley
Downloads 45 (772,303)
Citation 18

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Monetary policy, natural rate of interest, Phillips curve, current account, capital flows, policy spillbacks

91.

Stochastic Process Switching: Some Simple Solutions

NBER Working Paper No. w2998
Number of pages: 17 Posted: 13 Nov 2007 Last Revised: 13 Mar 2022
Kenneth Froot and Maurice Obstfeld
Harvard University Graduate School of Business and University of California, Berkeley
Downloads 44 (779,151)

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92.

Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments

NBER Working Paper No. w1437
Number of pages: 44 Posted: 04 Jul 2004 Last Revised: 07 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 44 (779,151)
Citation 4

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93.

Capital Mobility and Devaluation in an Optimizing Model with Rational Expectations

NBER Working Paper No. w0557
Number of pages: 17 Posted: 23 Mar 2001 Last Revised: 12 Jul 2010
Maurice Obstfeld
University of California, Berkeley
Downloads 44 (779,151)
Citation 1

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94.

A Strategy for Launching the Euro

NBER Working Paper No. w6233
Number of pages: 52 Posted: 07 Jul 2000 Last Revised: 15 Jul 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 43 (786,349)
Citation 1

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95.

Inflation, Real Interest, and the Determinacy of Equilibrium in an Optimizing Framework

NBER Working Paper No. w0723
Number of pages: 23 Posted: 18 Aug 2004 Last Revised: 25 Dec 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 42 (793,482)

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96.

Capital Mobility and the Scope for Sterilization: Mexico in the 1970s

NBER Working Paper No. w0770
Number of pages: 43 Posted: 06 Apr 2004 Last Revised: 11 Aug 2022
Robert E. Cumby and Maurice Obstfeld
Georgetown University - Department of Economics and University of California, Berkeley
Downloads 42 (793,482)

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97.

Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight

NBER Working Paper No. w0685
Number of pages: 48 Posted: 18 Aug 2004 Last Revised: 17 Nov 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 39 (815,430)
Citation 1

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98.

International Adjustment with Habit-Forming Consumption: A Diagrammatic Exposition

NBER Working Paper No. w4094
Number of pages: 41 Posted: 09 Feb 2007 Last Revised: 11 Mar 2022
Maurice Obstfeld
University of California, Berkeley
Downloads 37 (830,871)

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99.

The Renminbi's Dollar Peg at the Crossroads

CEPR Discussion Paper No. 5771
Number of pages: 38 Posted: 22 Sep 2006
Maurice Obstfeld
University of California, Berkeley
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renminbi, China currency, China balance of payments, fixed exchange rate exit strategy

100.

The Capitalization of Income Streams and the Effects of Open Market Policy Under Fixed Exchange Rates

NBER Working Paper No. w0528
Number of pages: 19 Posted: 15 Aug 2001 Last Revised: 12 Dec 2022
Maurice Obstfeld
University of California, Berkeley
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101.

Global Implications of Self-Orientated National Monetary Rules

Number of pages: 40 Posted: 17 Jul 2001
Maurice Obstfeld and Kenneth Rogoff
University of California, Berkeley and Harvard University - Department of Economics
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Citation 21
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International policy coordination, monetary policy rules, monetary institutions

102.

Global Dimensions of U.S. Monetary Policy

Downloads 23 (956,060)
Citation 1

Global Dimensions of U.S. Monetary Policy

NBER Working Paper No. w26039
Number of pages: 77 Posted: 09 Jul 2019 Last Revised: 24 Feb 2023
Maurice Obstfeld
University of California, Berkeley
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Global Dimensions of U.S. Monetary Policy

CEPR Discussion Paper No. DP13887
Number of pages: 78 Posted: 02 Aug 2019
Maurice Obstfeld
University of California, Berkeley
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current account, financial conditions, monetary policy, natural real interest rate, open-economy Phillips curve, spillbacks

103.

Understanding Korea's Long-run Real Exchange Rate Behavior

Downloads 19 (997,997)

Understanding Korea's Long-run Real Exchange Rate Behavior

Peterson Institute for International Economics Working Paper 24-17
Number of pages: 32 Posted: 22 Jul 2024
Douglas A. Irwin and Maurice Obstfeld
Dartmouth College - Department of Economics and University of California, Berkeley
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real exchange rate, Harrod-Balassa-Samuelson model, Baumol-Bowen effect, terms of trade, Korean won

Understanding Korea's Long-Run Real Exchange Rate Behavior

NBER Working Paper No. w32769
Number of pages: 32 Posted: 06 Aug 2024
Douglas A. Irwin and Maurice Obstfeld
Dartmouth College - Department of Economics and University of California, Berkeley
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104.

Harry Johnson's “Case for Flexible Exchange Rates” – 50 Years Later

NBER Working Paper No. w26874
Number of pages: 34 Posted: 23 Mar 2020 Last Revised: 07 Jun 2023
Maurice Obstfeld
University of California, Berkeley
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105.

The Trilemma in History: Trade-Offs Among Exchange Rates, Monetary Policies and Capital Mobility

Number of pages: 45 Posted: 18 May 2004
Maurice Obstfeld, Jay Shambaugh and Alan M. Taylor
University of California, Berkeley, George Washington University - Department of Economics and Columbia University
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Citation 3
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Trilemma, exchange rates, monetary policy

106.

Financial Flows, Financial Crises, and Global Imbalances

CEPR Discussion Paper No. DP8611
Number of pages: 31 Posted: 01 Nov 2011
Maurice Obstfeld
University of California, Berkeley
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Citation 8
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current account balance, financial instability, global imbalances, international asset positions, international financial flows

107.

Natural and Neutral Real Interest Rates: Past and Future

NBER Working Paper No. w31949
Number of pages: 56 Posted: 11 Dec 2023
Maurice Obstfeld
University of California, Berkeley
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Citation 1
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108.

Misconceptions about US Trade Deficits Muddy the Economic Policy Debate

Peterson Institute for International Economics Policy Brief 24-7
Number of pages: 15 Posted: 10 Sep 2024
Maurice Obstfeld
University of California, Berkeley
Downloads 11 (1,085,469)

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109.

Finance at Center Stage: Some Lessons of the Euro Crisis

CEPR Discussion Paper No. DP9415
Number of pages: 79 Posted: 10 Apr 2013
Maurice Obstfeld
University of California, Berkeley
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banking union, euro crisis, financial stability, trilemma

110.

Lenders of Last Resort in a Globalized World

CEPR Discussion Paper No. DP7355
Number of pages: 33 Posted: 26 Aug 2009
Maurice Obstfeld
University of California, Berkeley
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central banking, financial crisis, International Monetary Fund, international monetary system, Lender of last resort

111.

The Global Capital Market Reconsidered

CEPR Discussion Paper No. DP16375
Number of pages: 25 Posted: 22 Sep 2021
Maurice Obstfeld
University of California, Berkeley
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embedded liberalism, Financial Stability, Global capital market, Globalization, multilateralism

112.

Globalization Cycles

CEPR Discussion Paper No. DP14378
Number of pages: 15 Posted: 11 Feb 2020
Maurice Obstfeld
University of California, Berkeley
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Citation 9
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deglobalization, Globalization

113.

Revisiting the Economic Case for Fiscal Union in the Euro Area

CEPR Discussion Paper No. DP13813
Number of pages: 32 Posted: 30 Jul 2019
Helge Berger, Giovanni Dell'Ariccia and Maurice Obstfeld
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and University of California, Berkeley
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Citation 7
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Banking Union, ESM, Euro Area, Optimal Currency Area, Risk Sharing

114.

Lessons of Keynes's Economic Consequences in a Turbulent Century

CEPR Discussion Paper No. DP16610
Number of pages: 46 Posted: 09 Nov 2021 Last Revised: 04 Feb 2022
Patricia Clavin, Giancarlo Corsetti, Giancarlo Corsetti, Maurice Obstfeld and Adam Tooze
University of Oxford, University of CambridgeCentre for Economic Policy Research (CEPR), University of California, Berkeley and Columbia University
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Bretton Woods, Cold War, global order, interwar period, Keynes, League of Nations, multilateralism, Versailles, World War I, World War II

115.

Globalization and Nationalism: Retrospect and Prospect

CEPR Discussion Paper No. DP14990
Number of pages: 26 Posted: 28 Jul 2020 Last Revised: 16 Aug 2020
Maurice Obstfeld
University of California, Berkeley
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deglobalization, Globalization, multilateralism, Nationalism, populism

116.

Harry Johnson's 'Case for Flexible Exchange Rates' - 50 Years Later

CEPR Discussion Paper No. DP14488
Number of pages: 35 Posted: 25 Mar 2020
Maurice Obstfeld
University of California, Berkeley
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Citation 3
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dominant currency pricing, effective lower bound, exchange rate regimes, Floating Exchange Rates, Global financial cycle, global value chains, international monetary system

117.

Never Say Never: Commentary on a Policymaker’'s Reflections

CEPR Discussion Paper No. DP9802
Number of pages: 71 Posted: 02 Jun 2014
Maurice Obstfeld
University of California, Berkeley
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Asian crisis, capital controls, exchange rate regime, financial crises, foreign exchange intervention, macro-prudential regulation, Stanley Fischer, transparency

118.

On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

CEPR Discussion Paper No. DP9563
Posted: 24 Jul 2013
Maurice Obstfeld
University of California, Berkeley

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bank resolution, banking crisis, financial crisis, financial stability, Fiscal policy, monetary policy

119.

Non-Linear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited

Journal of the Japanese and International Economies, Vol. 11, No. 4, December 1997
Posted: 29 Apr 1998
Maurice Obstfeld and Alan M. Taylor
University of California, Berkeley and Columbia University

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