NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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

Maurice Obstfeld

NBER Working Paper No. 12699
Issued in November 2006

---- Acknowledgements -----

Prepared for the conference in honor of Guillermo A. Calvo, International Monetary Fund, April 15-16, 2004. I thank Ricardo Caballero, Mathias Hoffmann, and conference participants for helpful comments. This paper will appear as a chapter in a festschrift in Calvo's honor, to be edited by Carmen Reinhart, Carlos Vegh, and Andreas Velasco (MIT Press, 2007). The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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