WorldCat Identities

Obstfeld, Maurice

Works: 279 works in 1,972 publications in 8 languages and 18,147 library holdings
Genres: Conference papers and proceedings  History  Festschriften  Textbooks 
Roles: Author, Editor, Other, Contributor, Creator, Honoree
Classifications: HF1359, 337
Publication Timeline
Most widely held works by Maurice Obstfeld
International economics : theory and policy by Paul R Krugman( Book )

312 editions published between 1987 and 2018 in 7 languages and held by 5,198 WorldCat member libraries worldwide

Krugman and Obstfeld provide a unified model of open-economy macroeconomics based upon an asset-market approach to exchange rate determination with a central role for expectations
Foundations of international macroeconomics by Maurice Obstfeld( Book )

43 editions published between 1996 and 2011 in English and Chinese and held by 777 WorldCat member libraries worldwide

Foundations of International Macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models
Financial policies and the world capital market : the problem of Latin American countries by Pedro Aspe Armella( Book )

19 editions published between 1983 and 2009 in English and Undetermined and held by 488 WorldCat member libraries worldwide

Stories of the 1930s for the 1980s; Optimal economic integration; Seigniorage and fixed excnage rates: an optimal inflation tax analysis; Dollarization in Mexico: causes and consequences; On equilibrium wage indexation and neutrality of inexation policy; Real versus financial openness under alternative exchange rate regimes
Global capital markets : integration, crisis, and growth by Maurice Obstfeld( Book )

29 editions published between 2003 and 2011 in English and held by 472 WorldCat member libraries worldwide

Understood in this way, the present era of globalization can be seen, in part, as the resumption of a liberal world order that was established in the years from 1880 to 1914. Much has changed along the way. Marking a reaction against the old order, the Great Depression emerges as the key turning point in the recent history of international capital markets and offers important insights for contemporary policy debates
EMU : ready or not? by Maurice Obstfeld( Book )

25 editions published between 1998 and 1999 in English and held by 438 WorldCat member libraries worldwide

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are of considerable theoretical as well as policy interest: the best way to coordinate monetary stances and lock exchange parties for a smooth switch from eleven national currencies to a single joint currency. A third problems, one that is central for EMU and to any currency union, lies behind the difficulty of the transition: the possibility of nationally asymmetric real shocks. I review that topic in the context of Ireland's recent experience. The paper goes on to discuss weaknesses in the structure of Stage Three, already much noted, connected with the provision of lender of last resort facilities in the euro zone and the framework for supervising financial institutions. The deficit and debt limits embodies in the excessive deficits procedure of the Maastrich treaty and the subsequent Stability and Growth Pact have been justified by the threat high debts might pose to the stability of the euro zone's financial markets. I consider the past and prospective fiscal adjustments of the EMU 11, and suggest these might pose future difficulties for macroeconomic policy and growth
Money, capital mobility, and trade : essays in honor of Robert A. Mundell( Book )

16 editions published between 2001 and 2004 in English and Spanish and held by 345 WorldCat member libraries worldwide

Annotation Written by Robert Mundell's academic descendants, as well as other leading economists and scholars, the essays in this volume reflect Mundell's broad influence on modern open-economy macroeconomics. The topics include the vicissitudes of gold in the international system, choice of exchange rate regime, post-World War II European monetary reform, banking crises in emerging markets, speculative attacks on fixed exchange rates, monetary policy rules, interactions between economists and policy makers over macrostabilization and structural microeconomic issues, the connection between international factor mobility and trade, the Mundell-Fleming open-economy macro model, the quantitative implications of general-equilibrium sticky price models, the international roles of the euro and yen, and the employment effects of import tariffs
Economía internacional : teoría y política by Paul R Krugman( Book )

60 editions published between 1944 and 2016 in Spanish and Portuguese and held by 274 WorldCat member libraries worldwide

CONTENIDO: Comercio mundial: una visión general - Productividad del trabajo y ventaja comparativa: el modelo ricardiano - Recursos, ventaja comparativa y distribución de la renta - El modelo estándar de comercio - Economías de escala, competencia imperfecta y comercio internacional - Los movimientos internacionales de factores - Los instrumentos de la política comercial - La economía política de la política comercial - La política comercial en los países en vías de desarrollo - Controversias de la política comercial - La contabilidad nacional y la balanza de pagos - Los tipos de cambio y el mercado de divisas: un enfoque de activos - El dinero, los tipos de interés y los tipos de cambio - El nivel de precios y el tipo de cambio a largo plazo - La producción nacional y el tipo de cambio a corto plazo - Los tipos de cambio fijos y la intervención en los mercados de divisas - El sistema monetario internacional, 1870-1973 - La política macroeconómica y la coordinación con tipos de cambio f
Global economic crisis : impacts, transmission and recovery by Maurice Obstfeld( Book )

13 editions published in 2012 in English and held by 121 WorldCat member libraries worldwide

This book explores many of the key issues raised in the wake of the global economic crisis and provides an in-depth analysis of crisis transmission to emerging markets. Here expert contributors compare the recent crisis with earlier crises, explore international aspects of the crisis from the perspectives of financial markets and trade, and examine macroeconomic policy responses. In so doing, they address important questions including: How did this crisis differ from those suffered previously? How and why did flaws in financial markets contribute to the crisis? How important were global imbalances and global overheating in explaining the global meltdown? Did different pre-crisis fundamentals generate different post-crisis performances? And, how severe were the economic shocks to countries such as Korea and other emerging economies
Exchange rate dynamics with sluggish prices under alternative price-adjustment rules by Maurice Obstfeld( Book )

14 editions published between 1983 and 1984 in English and held by 108 WorldCat member libraries worldwide

This paper studies exchange rate behavior in models with moving long-run equilibria incorporating alternative price-adjustment mechanisms.The paper demonstrates that price-adjustment rules proposed by Mussa andby Barro and Grossman yield models that are empirically indistinguishable from each other. For speeds of goods-market adjustment that are "too fast, " the Barro-Grossman rule appears to induce instability; but we argue that when the ruleis interpreted properly, models incorporating it are dynamically stable regardless of the speed at which disequilibriumis eliminated. The Barro-Grossman pricing scheme is shown to be a natural generalization, to a setting of moving long-run equilibria, of less versatile schemes proposed in earlier literature on exchange rate dynamics
International capital mobility in the 1990s by Maurice Obstfeld( Book )

23 editions published between 1993 and 1996 in English and held by 105 WorldCat member libraries worldwide

This paper surveys the performance of international capital markets and the literature on measuring international capital mobility. Three main functions of a globally integrated and efficient world capital market provide focal points for the analysis. First, asset-price arbitrage ensures that people in different countries face identical prices for a given asset. Second, to the extent that the usual market failures allow, people in different countries can pool risks to their lifetime consumption profiles. Third, new saving, regardless of its country of origin, is allocated toward the world's most productive investment opportunities. The paper evaluates the international capital market's performance of these roles by studying data on international interest-rate differences, international consumption correlations, international portfolio diversification, and the relations between national saving and investment rates. The conclusion is that while international capital mobility has increased markedly in the last two decades, international capital movements remain less free than intranational movements, even among the industrial countries
Nonlinear aspects of goods-market arbitrage and adjustment : Heckscher's commodity points revisited by Maurice Obstfeld( Book )

26 editions published in 1997 in English and held by 104 WorldCat member libraries worldwide

We propose that analysis of purchasing power parity (PPP) and the law of one price (LOOP) should explicitly take into account the possibility of commodity points' thresholds delineating a region of no central tendency among relative prices, possibly due to lack of perfect arbitrage in the presence of transaction costs and uncertainty. More than eighty years ago, Heckscher stressed the importance of such incomplete arbitrage in the empirical application of PPP. We devise an econometric method to identify commodity points. Price adjustment is treated as a nonlinear process, and a threshold autoregression (TAR) offers a parsimonious specification within which both thresholds and adjustment speeds are estimated by maximum likelihood methods. Our model performs well using post-1980 data reasonable: adjustment outside the thresholds might imply half-lives of price deviations measured in months rather than years and the thresholds correspond to popular rough estimates as to the order of magnitude of actual transport costs. The estimated commodity points appear to be positively related to objective measures of market segmentation, notably nominal exchange rate volatility
Exchange rates and adjustment : perspectives from the new open economy macroeconomics by Maurice Obstfeld( Book )

27 editions published between 1998 and 2002 in English and held by 100 WorldCat member libraries worldwide

The New Open Economy Macroeconomics has allowed economists to tackle classical problems with new tools, while also generating new ideas and questions. In their attempts to make the new models capture empirical regularities, researchers have entertained a variety of assumptions about the international pricing of goods, notably, models of pricing to market and destination-currency pricing of exports. Some of the resulting models imply that exchange-rate changes lack international expenditure-switching effects, and they thus appear to call for a radical rethinking of the role of exchange rates in international adjustment. This paper argues that the recent resurgence of exchange-rate pessimism stems from oversimplified modeling strategies rather than from evidence. Like earlier episodes starting with the extreme 'elasticity pessimism' of the early postwar era, it is based on a misinterpretation of the empirical record
Models of currency crises with self-fulfilling features by Maurice Obstfeld( Book )

23 editions published between 1995 and 1997 in English and held by 98 WorldCat member libraries worldwide

The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria. After describing an illustrative model in which high unemployment may cause an exchange- rate crisis with self-fulfilling features, the paper reviews some other self-reinforcing mechanisms. Recent econometric evidence seems to support the practical importance of these mechanisms
The Great Depression as a watershed : international capital mobility over the long run by Maurice Obstfeld( Book )

21 editions published between 1997 and 1999 in English and Undetermined and held by 97 WorldCat member libraries worldwide

This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital controls and the pursuit of domestic macroeconomic policy objectives in the context of changing monetary regimes. A fundamental macroeconomic policy trilemma has forced policymakers to trade off among conflicting goals. The natural implication of the trilemma is that capital mobility has prevailed and expanded under circumstances of widespread political support either for an exchange-rate subordinated monetary policy regime (e.g., the gold standard), or for a monetary regime geared mainly toward domestic objectives at the expense of exchange-rate stability (e.g., the recent float). Through its effect on popular attitudes toward both the gold standard and the legitimate scope for government macroeconomic intervention, the Great Depression emerges as the key turning point in the recent history of international capital markets
Transitory terms-of-trade shocks and the current account : the case of constant time preference by Maurice Obstfeld( Book )

11 editions published between 1981 and 1982 in English and held by 94 WorldCat member libraries worldwide

The paper uses an intertemporal perfect-foresight optimizing model to analyze the effect of transitory terms-of-trade shocks on a small open . economy's current-account and utility time profiles. An adverse terms-of-trade shift known to be temporary induces the economy to run down its stock of external assets in the period before the terms of trade revert to their initial level. Subsequently, the assets consumed during this period are reaccumulated. The current-account response is due only in part to a desire to smooth out the future consumption stream. In addition, households know that the real value of any debt incurred while the terms of trade are unfavorable will be reduced sharply when the terms of trade improve. This opportunity for intertemporal price speculation causes the time path of instantaneous utility to be discontinuous
A strategy for launching the Euro by Maurice Obstfeld( Book )

22 editions published between 1997 and 1999 in English and held by 93 WorldCat member libraries worldwide

This paper analyzes the constraints European Union law places on the 1 January 1999" choices of irrevocably fixed conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty bilateral currency conversion factors implied by the 1 January 1999 choices equal closing" market exchange rates on 31 December 1998. Given that legal constraint several strategies for choosing the relative prices of EMU member currencies against the Euro." Unfortunately, most of these have potentially damaging side effects. One approach official Stage 2 offers of contingent Euro forward contracts with value dates at the start of" Stage 3, allows a highly credible preannouncement of the bilateral currency conversion factors" to be set at the start of EMU. That approach assumes, however, that no prospective EMU" members can withdraw between their selection in May 1998 and the start of Stage 3."
Capital mobility and the scope for sterilization : Mexico in the 1970s by Robert Cumby( Book )

13 editions published between 1981 and 1984 in English and held by 92 WorldCat member libraries worldwide

This paper is an empirical study of the Banco de Mexico's monetary policy during the 1970s. In particular, it studies the Mexican monetary equilibria and the extent to which capital mobility undermined monetary control. Estimates of a Banco de Mexico reaction function suggest that the Mexican central bank attempted to sterilize reserve flows through offsetting movements in domestic credit, at least over the second half of the decade. This finding suggests that estimates of the capital-account response to domestic credit expansion should be derived from a structural model, and we accordingly estimate an aggregative three-equation model of Mexican financial markets. The paper distinguishes between the short-run or one-quarter capital-account offset and a hypothetical long-run offset that would obtain under instantaneous asset-market adjustment. The model implies that, depending on the method of monetary expansion, between 30 and 50 percent of an expansion in domestic credit was offset by capital outflow in the same quarter. The implied long-run offsets range from 50 to 76 percent. These offset coefficients indicate that the Banco de Mexico's monetary control was exercised at a substantial cost in terms of reserve volatility
Speculative hyperinflations in maximizing models : can we rule them out? by Maurice Obstfeld( Book )

11 editions published between 1981 and 1983 in English and Undetermined and held by 91 WorldCat member libraries worldwide

Knife-edge stability is a common property of dynamic monetary models assuming perfect foresight or rational expectations. These models can be closed with the assumption that the economy's equilibrium lies on the unique convergent path (the saddlepath). While this empirically plausible assumption yields sensible results, aggregative models are not specified in sufficient detail to allow one to prove that the saddlepath is the unique equilibrium path. Brock (1974, 1975) and Brock and Scheinkman (1980) have advanced models in which individual preferences are more fully specified and in which, under certain conditions, the uniqueness and stability of equilibrium can be rigorously demonstrated. This paper shows that these uniqueness conditions are economically unreasonable. Therefore, the question these maximizing models address remains unresolved
Exchange rate dynamics redux by Maurice Obstfeld( Book )

21 editions published between 1994 and 2004 in English and Undetermined and held by 87 WorldCat member libraries worldwide

Until now, thinking on open economy macroeconomics has been largely schizophrenic. When it comes to analyzing exchange rate dynamics, an empirically-minded economist abandons modern current account models which, while theoretically coherent, fail to address the awkward reality of sticky nominal prices. In this paper we develop an analytically tractable two-country model that marries a full account of dynamics to a supply framework based on monopolistic competition and sticky prices. It offers simple and intuitive predictions about exchange rates and current accounts that sometimes differ sharply from those of either modern flexible-price intertemporal models, or traditional sticky-price Keynesian models. The model also leads to a novel perspective on the international welfare spillovers of monetary and fiscal policies
The global capital market : benefactor or menace? by Maurice Obstfeld( Book )

16 editions published in 1998 in English and held by 87 WorldCat member libraries worldwide

This paper reviews the theoretical functions, history, and policy problems raised by the international capital market. The goal is to offer a perspective on both the considerable advantages the market offers and on the genuine hazards it poses, as well as on the avenues through which it constrains national policy choices. A duality of benefits and risks is inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting the global capital market there is no reason to depart from conventional economic wisdom. The way to maximize net benefits is to encourage economic integration while attacking concomitant distortions and other unwanted side-effects at, or close to, their sources
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Foundations of international macroeconomics
Alternative Names
Maurice Obstfeld Amerikaans econoom

Maurice Obstfeld economista estadounidense

Maurice Obstfeld économiste américain

Maurice Obstfeld US-amerikanischer Ökonom

Obstfeld, M. 1952-

Obstfeld, Maurice Moses 1952-

Obstfeld, Maury 1952-

Обстфельд, М.

Обстфельд, Морис

옵스트펠드, 모리스

オブストフェルド, M.

オブズフェルド, M

オブズフェルド, モーリス


Foundations of international macroeconomicsFinancial policies and the world capital market : the problem of Latin American countriesGlobal capital markets : integration, crisis, and growthEMU : ready or not?Money, capital mobility, and trade : essays in honor of Robert A. MundellEconomía internacional : teoría y política