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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Maurice Obstfeld

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Working Papers

April 2014In Search of the Armington Elasticity
with Robert C. Feenstra, Philip A. Luck, Katheryn N. Russ: w20063
The Euro and The Geography of International Debt Flows
with Galina Hale: w20033

Forthcoming: The Euro and the Geography of International Debt Flows, Galina Hale, Maurice Obstfeld. in Sovereign Debt and Financial Crisis, Kalemli-Ozcan, Reinhart, and Rogoff. 2014

March 2012Does the Current Account Still Matter?
w17877

Published: Maurice Obstfeld, 2012. "Does the Current Account Still Matter?," American Economic Review, American Economic Association, vol. 102(3), pages 1-23, May. citation courtesy of

December 2011The International Monetary System: Living with Asymmetry
w17641

Published: The International Monetary System: Living with Asymmetry, Maurice Obstfeld. in Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century, Feenstra and Taylor. 2014

September 2011International Liquidity: The Fiscal Dimension
w17379

Published: Keynote Speech by Maurice Obstfeld, 2011. "International Liquidity: The Fiscal Dimension," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 29, pages 33-48, November. citation courtesy of

July 2011Stories of the Twentieth Century for the Twenty-First
with Pierre-Olivier Gourinchas: w17252

Published: Pierre-Olivier Gourinchas & Maurice Obstfeld, 2012. "Stories of the Twentieth Century for the Twenty-First," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 226-65, January. citation courtesy of

March 2009Time of Troubles: The Yen and Japan's Economy, 1985-2008
w14816
Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
with Jay C. Shambaugh, Alan M. Taylor: w14826

Published: Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2009. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008,"American Economic Review,American Economic Association, vol. 99(2), pages 480-86, May. citation courtesy of

February 2009International Finance and Growth in Developing Countries: What Have We Learned?
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Published: Maurice Obstfeld, 2009. "International Finance and Growth in Developing Countries: What Have We Learned?," IMF Staff Papers, Palgrave Macmillan Journals, vol. 56(1), pages 63-111, April.

August 2008Financial Stability, the Trilemma, and International Reserves
with Jay C. Shambaugh, Alan M. Taylor: w14217

Published: Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April. citation courtesy of

November 2006Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate
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Published: Reinhart, Carmen, Carlos Vegh, and Andres Velasco (eds.) Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo. Cambridge, MA: MIT Press, 2008.

November 2004The Unsustainable US Current Account Position Revisited
with Kenneth Rogoff: w10869

Published:

October 2004External Adjustment
w10843

Published: Maurico Obstfeld, 2004. "External adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 140(4), pages 541-568, December. citation courtesy of

Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
w10849

Published: Obstfeld, Maurice. "Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies." Monetary and Economic Studies (Bank of Japan), December 2004.

March 2004Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period
with Jay C. Shambaugh, Alan M. Taylor: w10393

Published: Obstfeld, Maurice, Jay C. Shambaugh and Alan M. Taylor. "Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period." IMF Staff Papers 51 (2004): 75-108. citation courtesy of

The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility
with Jay C. Shambaugh, Alan M. Taylor: w10396

Published: Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2005. "The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 423-438, December. citation courtesy of

February 2004Monetary and Fiscal Remedies for Deflation
with Alan Auerbach: w10290

Published: Auerbach, Alan J. and Maurice Obstfeld. "Monetary And Fiscal Remedies For Deflation," American Economic Review, 2004, v94(2,May), 71-75. citation courtesy of

July 2003The Case for Open-Market Purchases in a Liquidity Trap
with Alan J. Auerbach: w9814

Published: Auerbach, Alan J. and Maurice Obstfeld. "The Case For Open-Market Purchases In A Liquidity Trap," American Economic Review, 2005, v95(1,Mar), 110-137. Alan Auerbach & Maurice Obstfeld. "The case for open-market purchases in a liquidity trap," Proceedings, Federal Reserve Bank of San Francisco, issue March 2003. citation courtesy of

November 2002Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31
with Alan M. Taylor: w9345

Published: Obstfeld, Maurice and Alan M. Taylor. "Sovereign Risk, Credibility And The Gold Standard: 1870-1913 Versus 1925-31," Economic Journal, 2003, v113(487,Apr), 241-275. citation courtesy of

August 2002Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics
w9118

Published: Obstfeld, Maurice, 2002. "Exchange Rates and Adjustment: Perspectives from the New Open- Economy Macroeconomics," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(S1), pages 23-46, December. citation courtesy of

March 2002Globalization and Capital Markets
with Alan M. Taylor: w8846

Published: Globalization and Capital Markets , Maurice Obstfeld, Alan M. Taylor. in Globalization in Historical Perspective, Bordo, Taylor, and Williamson. 2003

July 2001International Macroeconomics: Beyond the Mundell-Fleming Model
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Published: Obstfeld, Maurice. "International Macroeconomics: Beyond the Mundell-Fleming Model." International Monetary Fund Staff Papers. Special Issue, 2001.

August 2000Do We Really Need a New International Monetary Compact?
with Kenneth Rogoff: w7864

Published: Obstfeld, Maurice and Kenneth Rogoff. "Global Implications of Self-Oriented National Monetary Rules." Quarterly Journal of Economics, May 2002.

July 2000The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?
with Kenneth Rogoff: w7777

Published: The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?, Maurice Obstfeld, Kenneth Rogoff. in NBER Macroeconomics Annual 2000, Volume 15, Bernanke and Rogoff. 2001

August 1999Europe's Gamble
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Published: Brookings Papers on Economic Activity, 1997, no. 2, pp. 241-317.

EMU: Ready, or Not?
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Published: Princeton Essays in International Finance, no. 209, July 1998

New Directions for Stochastic Open Economy Models
with Kenneth Rogoff: w7313

Published: Journal of International Economics, Vol. 50, no. 1 (February 2000): 117-153 citation courtesy of

June 1999Open-Economy Macroeconomics, Developments in Theory and Policy
w6319

Published: Scandinavian Journal of Economics, vol. 100, no. 1, pp. 247-275, 1998 citation courtesy of

Regional Nonadjustment and Fiscal Policy: Lessons for EMU
with Giovanni Peri: w6431

Published: Economic Policy, vol. 26, pp. 205-259, 1998.

March 1999A Strategy for Launching the Euro
w6233

Published: European Economic Review, vol. 42, no. 6, pp. 975-1007, 1998. citation courtesy of

August 1998Risk and Exchange Rates
with Kenneth Rogoff: w6694

Published: Helpman, Elhanan and Efraim Sadka (eds.) Contemporary Economic Policy: Essays in Honor of Assaf Razin. Cambridge University Press, 2003.

May 1998The Global Capital Market: Benefactor or Menace?
w6559

Published: Journal of Economic Perspectives, Vol. 12 (Fall 1998): 9-30. citation courtesy of

July 1997Saving, Investment, and Gold: A Reassessment of Historical Current Account Data
with Matthew T. Jones: w6103

Published: Money, Capital Mobility, and Trade: Essays in Honor of Robert A. Mundell, Calvo, Guillermo A., Rudiger Dornbusch, and Maurice Obstfeld, eds., Cambridge: MIT Press, 2000.

June 1997Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited
with Alan M. Taylor: w6053

Published: Journal of the Japanese and International Economies, Vol. 11 (December 1997): 441-479. citation courtesy of

March 1997The Great Depression as a Watershed: International Capital Mobility over the Long Run
with Alan M. Taylor: w5960

Published:

October 1995Models of Currency Crises with Self-Fulfilling Features
w5285

Published: European Economic Review, vol. 40, pp. 1037-1047, 1996. citation courtesy of

July 1995The Mirage of Fixed Exchange Rates
with Kenneth Rogoff: w5191

Published: Journal of Economic Perspectives, Fall 1995, Volume 9, #4, pp. 73-96 citation courtesy of

January 1995Evaluating Risky Consumption Paths: The Role of Intertemporal Substitutability
t0120

Published: European Economic Review, August 1994

November 1994Are Industrial-Country Consumption Risks Globally Diversified?
w4308

forthcoming in Leonardo Leiderman and Assaf Razin, eds., Capital Mobility Cambridge, UK, Cambridge University Press, 1994

October 1994The Intertemporal Approach to the Current Account
with Kenneth Rogoff: w4893

Published: Gene Grossman and Kenneth Rogoff, eds. Handbook of International Economicsvol 3, Amsterdam: North-Holland, Elsevior Press, 1995.

April 1994Exchange Rate Dynamics Redux
with Kenneth Rogoff: w4693

Published: Journal of Political Economy 102 (June 1995), pp 624-660. citation courtesy of

February 1994The Logic of Currency Crises
w4640

Published: Cahiers economiques et monetaires, no. 43, pp. 189-213 (Paris: Banque de France, 1994).

November 1993International Capital Mobility in the 1990s
w4534

Published: Peter B. Kenen, ed. Understanding Interdependence: The Macroeconomics of th Princeton, NJ: Princeton University Press, 1995

June 1992Exchange Rate Dynamics Under Stochastic Regime Shifts: A Unified Approach
with Kenneth A. Froot: w2835

Published: Journal of International Economics, Vol. 31, pp. 203-229, (1991). citation courtesy of

Risk-Taking, Global Diversification, and Growth
w4093

Published: American Economic Review, December 1994 citation courtesy of

International Adjustment with Habit-Forming Consumption: A Diagrammatic Exposition
w4094

Published: Review of International Economics, Vol. 1, No. 1, pp. 32-48 (November 1992) citation courtesy of

December 1991The Adjustment Mechanism
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Published:

January 1991A Model of Currency Depreciation and the Debt-Inflation Spiral
r1498

Published: Journal of Economic Dynamics and Control, Vol. 15, pp. 151-177, (1991).

Destabilizing Effects of Exchange-Rate Escape Clauses
w3603

Published: Journal of International Economics, Vol. 43 (August 1997): 61-77. citation courtesy of

September 1989Intrinsic Bubbles: The Case of Stock Prices
with Kenneth A. Froot: w3091

Published: The American Economic Review, Vol. 81, No. 5, pp. 1189-1214, (December 1991). citation courtesy of

July 1989Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?
with Harold L. Cole: w3027

Published: Journal of Monetary Economics, Vol. 28, pp. 3-24, (1991). citation courtesy of

Intertemporal Dependence, Impatience, and Dynamics
w3028

Published: Journal of Monetary Economics, Vol. 26, pp. 45-75, (1990). citation courtesy of

June 1989Stochastic Process Switching: Some Simple Solutions
with Kenneth A. Froot: w2998

Published:

  • Econometrica, Vol. 59, No. 1, pp. 241-250, (January 1991). citation courtesy of
  • Exchange Rate Targets and Currency Bands, eds. P. Krugman and M. Miller, Cambridge University Press, October 1991.

February 1989Dynamic Seigniorage Theory: An Exploration
w2869

Published: Obstfeld, Maurice, 1997. "Dynamic Seigniorage Theory," Macroeconomic Dynamics, Cambridge University Press, vol. 1(03), pages 588-614, September.

December 1988The Effectiveness of Foreign-Exchange Intervention: Recent Experience
w2796

Published:

October 1988Fiscal Deficits and Relative Prices in a Growing World Economy
w2725

Published: Journal of Monetary Economics, Vol. 23, No.3, pp. 461-484, (May 1989). citation courtesy of

March 1988Competitiveness, Realignment, and Speculation: The Role of Financial Markets
w2539

Published: The European Monetary System, edited by Francesco Giavazzi, Stefano Micossi , and Marcus Miller. New York: Cambridge University Press, 1988.

February 1988Exchange-Rate Dynamics and Optimal Asset Accumulation Revisited
t0064
April 1987Peso Problems, Bubbles, and Risk in the Empirical Assessment of Exchange-Rate Behavior
w2203

Published: Financial Risk: Theory, Evidence and Implications, edited by Courtenay C. Stone, pp. 181-196. Norwell, MA: Kluwer Academic Publishers, 1989.

December 1986Floating Exchange Rates: Experience and Prospects
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Published: Obstfeld, Maurice. "Floating Exchange Rates: Experience and Prospects." Brookings Papers on Economic Activity, VOl. 2, (1985), pp. 369-450.

November 1986How Integrated are World Capital Markets? Some New Tests
w2075

Published: Debt, Stabilization and Development: Essays in Memory of Carlos Diaz- Alejandro, edited by G. Calvo, R. Findlay, and Jorge de Macedo, pp. 134- 155. New York: Harper & Row, 1989.

International Finance
w2077

Published: From The New Palgrave: A Dictionary of Economics, edited by John Eatwell, Murray Milgate, and Peter Newman, Vol. 2, E to J, pp. 898-906. New York: Stockton Press, 1987.

August 1985Capital Mobility in the World Economy: Theory and Measurement
w1692

Published:

  • Obstfeld, Maurice, 1986. "Capital mobility in the world economy: Theory and measurement," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 24(1), pages 55-103, January. citation courtesy of
  • Obstfeld, Maurice. "Capital Mobility in the World Economy: Theory and Measurement," Carnegie-Rochester Conference Series on Public Policy, Vol. 24,(Spring 1986), pp. 55-103.

April 1985Ruling Out Nonstationary Speculative Bubbles
with Kenneth Rogoff: w1601

Published: Obstfeld, Maurice. "Ruling Out Divergent Speculative Bubbles," Journal of Monetary Economics, Vol. 17, (1986), pp. 349-362.

March 1985Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes
with Guillermo A. Calvo: w1593

Published: "Optimal Time-Consistent Fiscal Policy with Finite Lifetimes: Analysis and Extensions." From Economic Effectts of the Government Budget, edited by Elhanan Helpman, Assaf Razin, and Efraim Sadka, pp. 163-198. Cambridge, MA: MIT Press, 1988.

December 1984Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization
w1526

Published: Obstfeld, Maurice. "Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Stabilization and Liberalization," Economic Adjustment and the Real Exchange Rates in Developing Countries, edited by S. Edwards and Liquat Ahamed. Chicago: UCP, 1986.

November 1984Rational and Self-Fulfilling Balance-of-Payments Crises
w1486

Published: Obstfeld, Maurice. "Rational and Self-Fulfilling Balance-of-Payments Crises ." American Economic Review, Vol. 76, No. 1, (March 1986), pp. 72-81. citation courtesy of

September 1984The Capital Inflows Problem Revisited: A Stylized Model of Southern Cone Disinflation
w1456

Published: Obstfeld, Maurice. "The Capital Inflows Problem Revisited: A Stylized Model of Southern Cone Disinflation,"Review of Economic Studies, October 1985. citation courtesy of

August 1984Speculative Attack and the External Constraint in a Maximizing Model of the Balance of Payments
w1437

Published: "Speculative Attack and the External Constraint in a Maximizing Model ofthe Balance of Payments." From Canadian Journal of Economics, Vol. 19, No. 1, pp. 1-22, (February 1986). citation courtesy of

April 1984Capital Controls, The Dual Exchange Rate, and Devaluation
w1324

Published: Obstfeld, Maurice. "Capital Controls, the Dual Exchange Rate, and Devaluation." Journal of International Economics, Vol. 20, No. 1, (February 1986), pp. 1-20. citation courtesy of

November 1983Exchange-Rate Dynamics
with Alan C. Stockman: w1230

Published: Obstfeld, Maurice and Alan C. Stockman. "Exchange-Rate Dynamics." Handbook of International Economics, edited by P.B. Kenen and R.W. Jones, pp. 917- 977. Amsterdam: Elsevier Science Publishers B.V., (1985).

August 1983Exchange Rate Dynamics With Sluggish Prices Under Alternative Price-Adjustment Rules
with Kenneth Rogoff: w1173

Published: Obstfeld, Maurice & Rogoff, Kenneth, 1984. "Exchange Rate Dynamics with Sluggish Prices under Alternative Price-Adjustment Rules," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 159-74, February. citation courtesy of

July 1983Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations
with Robert E. Cumby, John Huizinga: t0011

Published: Cumby, Robert E., John Huizinga and Maurice Obstfeld. "Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations." Journal of Econometrics, Vol. 21, (1983) pp. 333-355.

April 1983Balance-of-Payments Crises and Devaluation
w1103

Published: Obstfeld, Maurice. "Balance-of-Payments Crises and Devaluation." Journal of Money, Credit and Banking, Vol. 16, No. 2, (May 1984), pp. 208-217. citation courtesy of

March 1983Intertemporal Price Speculation and the Optimal Current-Account Deficit
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Published: Obstfeld, Maurice. "Intertemporal Price Speculation and the Optimal Current-Account Deficit." Journal of International Money and Finance, Vol. 2, No. 2 (August 1983). citation courtesy of

August 1982Exchange Rates, Inflation and the Sterilization Problem: Germany, 1975-1981
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Published: Obstfeld, Maurice. "Exchange Rates, Inflation, and the Sterilization Problem. Germany, 1975-1981." European Economic Review, Vol. 21, No. 1/2 (March /April 1983), pp.161-189. citation courtesy of

July 1982Can We Sterilize? Theory and Evidence
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Published: Obstfeld, Maurice. "Can We Sterilize? Theory and Evidence." The American Economic Review, Vol. 72, No. 2 (May 1982), pp. 45-50. citation courtesy of

June 1982International Interest-Rate and Price-Level Linkages Under Flexible Exchange Rates: A Review of Recent Evidence
with Robert E. Cumby: w0921

Published:

February 1982Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?
with Kenneth Rogoff: w0855

Published: Obstfeld, Maurice, and Kenneth Rogoff. "Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?" Journal of Political Economy, Vol. 91, No. 4, (August 1983), pp. 675-687. Journal of Economic Literature, Vol . 22, No. 1, (March 1984). citation courtesy of

1982Transitory Terms-of-Trade Shocks and the Current Account: The Case of Constant Time Preference
w0834
September 1981Capital Mobility and the Scope for Sterilization: Mexico in the 1970s
with Robert E. Cumby: w0770

Published:

July 1981Inflation, Real Interest, and the Determinacy of Equilibrium in an Optimizing Framework
w0723

Published: Obstfeld, Maurice. "Multiple Stable Equilibria in an Optimizing Perfect-Foresight Model." Econometrica, Vol. 52, No. 1, (January 1984), pp. 223-228.

June 1981Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight
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Published: Obstfeld, Maurice. "Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight." Econometrica, Vol. 50, No. 5, September 1982, pp . 1219-1242. citation courtesy of

Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?
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Published: Obstfeld, Maurice. "Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect." The Quarterly Journal of Economics, (May 1982), pp. 251-270. citation courtesy of

December 1980Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation
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Published: Obstfeld, Maurice. "Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation." Journal of Political Economy, Vol. 89, No. 6, (December 1981), pp. 1142-1161. citation courtesy of

October 1980Capital Mobility and Devaluation in an Optimizing Model with Rational Expectations
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Published: Obstfeld, Maurice. "Capital Mobility and Devaluation in an Optimizing Modelwith Rational Expectations." The American Economic Review, Vol. 71, No. 2,(May 1981), pp. 217-221. citation courtesy of

September 1980Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account
w0540

Published: Obstfeld, Maurice. "Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account." Journal of International Economics, Vol. 10, No. 4, (November 1980), pp. 461-480. citation courtesy of

August 1980The Capitalization of Income Streams and the Effects of Open Market Policy under Fixed Exchange Rates
w0528

Published: Obstfeld, Maurice. "The Capitalization of Income Streams and the Effects of Open Market Policy under Fixed Exchange Rates." Journal of Monetary Economics. Vol. 9, No. 1, (January 1982), pp. 87- 98. citation courtesy of

Exchange-Rate Expectations and Nominal Interest Differentials: A Test ofthe Fisher Hypothesis
with Robert E. Cumby: w0537

Published: Cumby Robert E. and Obstfeld, Maurice. "A Note on Exchange-Rate Expectations and Nominal Interest Differentials: A Test of the Fisher Hypothesis." The Journal of Finance, Vol. XXXVI, No. 3, (June 1981), pp. 697-703.

June 1980Sterilization and Offsetting Capital Movements: Evidence from West Germany, 1960-1970
w0494
Imperfect Asset Substitutability and Monetary Policy under Fixed Exchange Rates
w0485

Published: Obstfeld, Maurice. "Imperfect Asset Substitutability and Monetary Policy under Fixed Exchange Rates." Journal of International Economics, Vol. 10, No. 2, (May 1980), pp. 177-200. citation courtesy of

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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