NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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International Monetary Relations: Taking Finance Seriously

Maurice Obstfeld, Alan M. Taylor

NBER Working Paper No. 23440
Issued in May 2017

---- Acknowledgments ----

Maurice Obstfeld is Economic Counsellor and Director of Research at the International Monetary Fund, Washington, D.C. He is on leave as Class of 1958 Professor of Economics, University of California, Berkeley. Alan M. Taylor is Professor of Economics and Finance, University of California, Davis. For their helpful comments and criticism, we thank Ben Bernanke, Olivier Blanchard, Claudio Borio, Jihad Dagher, Stanley Fischer, Pierre-Olivier Gourinchas, Patrick Honohan, Michael Klein, José Antonio Ocampo, Carmen Reinhart, and Dirk Schoenmaker. For discussion and assistance, we thank Helge Berger, Eugenio Cerutti, Chanpheng Fizzarotti, Jonathan Ostry, Hui Tong, and Haonan Zhou. Mark Gertler, Gordon Hanson, and Timothy Taylor offered expert editorial guidance. All errors are ours. The views expressed here are those of the authors alone and do not represent those of the International Monetary Fund, its executive board, or its management, nor those of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Maurice Obstfeld ----

Obstfeld is currently Economic Counsellor and director of the Research Department at the International Monetary Fund, on leave without salary from the University of California, Berkeley.

---- Disclosure of Financial Relationships for Alan M. Taylor ----

Alan M. Taylor has served as an author, consultant, or speaker for various research organizations, policy making institutions, and financial sector firms.

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