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Obstfeld, Maurice

Overview
Works: 260 works in 1,806 publications in 6 languages and 16,224 library holdings
Genres: Conference papers and proceedings  History 
Roles: Author, Editor, Other, Creator, Honoree, Contributor
Classifications: HF1359, 337
Publication Timeline
Key
Publications about Maurice Obstfeld
Publications by Maurice Obstfeld
Most widely held works by Maurice Obstfeld
International economics : theory and policy by Paul R Krugman( Book )
284 editions published between 1944 and 2015 in 4 languages and held by 3,886 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
Économie internationale by Paul R Krugman( Book )
26 editions published between 1992 and 2015 in French and Undetermined and held by 807 libraries worldwide
"Ecrit par les plus grands experts de la discipline, il traite les deux thèmes de l'économie internationale : le commerce international et la finance internationale. Parmi les sujets couverts : les théories liées au commerce : avantages comparatifs, rôles de séconomies d'échelle, impact de l'ouverture commerciale sur la distribution des revenus ; l'application de ces théories à l'analyse des politiques commerciales : instruments utilisés, mise en oeuvre dans les pays émergents, etc. ; les théories du taux de change, les relations monétaires internationales et les modèles de croissance en économie ouverte ; l'application de ces théories à l'analyse des politiques macroéconomiques internationales : politique monétaire, instabilité financière et régulation des marchés de capitaux , croissance et réformes dans les pays émergents." [d'après la 4e de couv.]
Foundations of international macroeconomics by Maurice Obstfeld( Book )
45 editions published between 1996 and 2011 in English and Chinese and held by 767 libraries worldwide
Topic covered 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 for both 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 )
14 editions published between 1983 and 2009 in English and Undetermined and held by 487 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
Internationale Wirtschaft : Theorie und Politik der Außenwirtschaft by Paul R Krugman( Book )
25 editions published between 2004 and 2015 in 3 languages and held by 456 libraries worldwide
Global capital markets : integration, crisis, and growth by Maurice Obstfeld( Book )
31 editions published between 2003 and 2011 in English and held by 456 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 )
26 editions published between 1998 and 1999 in English and held by 440 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 )
15 editions published between 2001 and 2004 in English and Spanish and held by 342 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
Exchange rate dynamics with sluggish prices under alternative price-adjustment rules by Maurice Obstfeld( Book )
47 editions published between 1983 and 2004 in English and Undetermined and held by 232 libraries worldwide
It has recently been observed that when equations of motion for state variables are nonautonomous, optimal control problems involving Uzawa's endogenous rate of time preference cannot be solved using the change-of-variables method common in the literature. Instead, the problem must be solved by explicitly adding an additional state variable that measures the motion of time preference over time. This note reassesses earlier work of my own on exchange rate dynamics, which was based on a change-of- variables solution procedure. When the correct two-state-variable solution procedure is used, the model's qualitative predictions are unchanged. In addition, the analysis yields an intuitive interpretation of the extra co-state variable that arises in solving the individual's maximization problem
Global economic crisis : impacts, transmission and recovery by Maurice Obstfeld( Book )
13 editions published in 2012 in English and held by 108 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
International capital mobility in the 1990s by Maurice Obstfeld( Book )
22 editions published between 1993 and 1996 in English and held by 102 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 100 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
Models of currency crises with self-fulfilling features by Maurice Obstfeld( Book )
23 editions published between 1995 and 1997 in English and held by 97 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 95 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
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 93 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
A strategy for launching the Euro by Maurice Obstfeld( Book )
22 editions published between 1997 and 1999 in English and held by 90 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 )
12 editions published between 1981 and 1984 in English and held by 90 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"--NBER website
Transitory terms-of-trade shocks and the current account : the case of constant time preference by Maurice Obstfeld( Book )
10 editions published between 1981 and 1982 in English and held by 89 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
The global capital market : benefactor or menace? by Maurice Obstfeld( Book )
16 editions published in 1998 in English and held by 83 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
Regional nonadjustment and fiscal policy : lessons for EMU by Maurice Obstfeld( Book )
17 editions published between 1998 and 1999 in English and held by 80 libraries worldwide
How will countries handle idiosyncratic national macroeconomic shocks under the European single currency? The ways in which European countries now react to internally asymmetric shocks provide a better forecast than do the regional response pattern of the United States. In this paper we compare the US with Germany, Italy, the United Kingdom, and also with Canada, which is closer to European than the US is in its labor market and fiscal institutions. Europe's (and to some extent Canada's) model of regional response differs from that of the US. Changes in relative regional real exchange rates are general small. Outside of the US, however, there is more reliance on interregional transfer payments, less on labor migration, and the pace of regional adjustment appears slower. The regional adjustment patterns currently prevailing within European currency unions--characterized by limited labor mobility and price inflexibility--seem likely to prevail at the national level under the single currency. If EMU aims to attain the economic and social cohesion of its constituent nations, it therefore may be hard to resist the eventual extension of existing EU mechanisms of income redistribution--a transfer union. We propose an alternative strategy based on a relaxed stability pact, further strictures against central EU borrowing, labor market and fiscal reform, and the issuance by individual member states of debt indexed to nominal GDP
 
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Alternative Names
Maurice Obstfeld US-amerikanischer Ökonom
Obstfeld, M. 1952-
Obstfeld, Maurice Moses 1952-
Obstfeld, Maury 1952-
Обстфельд, М.
Обстфельд, Морис
オブズフェルド, M
オブズフェルド, モーリス
モーリス・オブストフェルド
Languages
English (605)
Spanish (49)
French (24)
German (22)
Portuguese (6)
Chinese (2)
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