Papers by Maurice Obstfeld

Showing 9 papers

Published Classic Journal of International Economics Published Feb 1986

Capital controls, the dual exchange rate, and devaluation

This 1986 Journal of International Economics paper by Maurice Obstfeld re-examines the classic monetary-approach claim that devaluation under capital controls has no long-run real effects, by adding …

Exchange Rates Capital Flows Open Economy Macro International Finance Free Read ↗

Published Classic Handbook of International Economics Published Jan 1995

Chapter 34 The intertemporal approach to the current account

Maurice Obstfeld · Kenneth Rogoff

The intertemporal approach treats the current account as the outcome of forward-looking saving and investment decisions rather than as a function of relative prices, and this chapter develops it from …

Open Economy Macro International Finance Capital Flows Macro Dynamics Free Read ↗

Published Classic Journal of Political Economy Published Jun 1995

Exchange Rate Dynamics Redux

Maurice Obstfeld · Kenneth Rogoff

This 1995 Journal of Political Economy paper by Maurice Obstfeld and Kenneth Rogoff builds the foundational "Redux" two-country dynamic general-equilibrium model that bridges the intertemporal …

Exchange Rates Open Economy Macro Nominal Rigidities Monetary Policy Free Read ↗

Published Classic Globalization in Historical Perspective Published Jan 2003

Globalization and Capital Markets

Maurice Obstfeld · Alan M. Taylor

Global capital mobility traces a U over the past century and a half, and the authors argue the shape is explained by the open-economy policy trilemma rather than by technology: capital moved freely …

International Finance Capital Flows Open Economy Macro Exchange Rates Political Economy Free Read ↗

Published Classic Journal of International Money and Finance Published Aug 1983

Intertemporal Price Speculation and the Optimal Current-Account Deficit

Maurice Obstfeld

This 1983 Journal of International Money and Finance paper by Maurice Obstfeld (NBER Working Paper No. 1100) uses an infinite-horizon optimizing model of a small open economy to show that a temporary …

Open Economy Macro International Finance Capital Flows

Published Classic Journal of International Economics Published Feb 2000

New directions for stochastic open economy models

Maurice Obstfeld · Kenneth Rogoff

This 2000 Journal of International Economics paper by Maurice Obstfeld and Kenneth Rogoff extends the "Redux" sticky-price approach to a genuinely stochastic setting with an exact closed-form solution …

Exchange Rates Open Economy Macro Monetary Policy Optimal Policy Uncertainty Free Read ↗

Published Classic American Economic Review Published Mar 1986

Rational and Self-Fulfilling Balance-of-Payments Crises

Maurice Obstfeld

This 1986 American Economic Review paper by Maurice Obstfeld shows that speculative attacks on a fixed exchange rate do not have to be the inevitable, fully-anticipated consequence of unsustainable …

Exchange Rates Financial Crises Sovereign Debt Open Economy Macro

Published Classic American Economic Review Published Feb 2005

The Case for Open-Market Purchases in a Liquidity Trap

Alan J. Auerbach · Maurice Obstfeld

Auerbach and Obstfeld argue that even if money and bonds are perfect substitutes at a zero short-term nominal interest rate -- the textbook reason open-market operations are said to be powerless in a …

Effective Lower Bound Unconventional Monetary Policy Fiscal Monetary Interactions Free Read ↗

Published Classic NBER Macroeconomics Annual Published Jan 2000

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

Maurice Obstfeld · Kenneth Rogoff

Six of international macroeconomics' most stubborn puzzles -- home bias in trade, Feldstein-Horioka, home bias in equity portfolios, low consumption correlations, the slow mean reversion of real …

International Finance Open Economy Macro Exchange Rates Trade Capital Flows Free Read ↗