[CITATION] International economics: theory and policy
PR Krugman… - 2009 - Addison-Wesley
M Obstfeld… - 2001 - nber.org
International macroeconomics is a field replete with truly perplexing puzzles, and we
generally have five to ten (or more) alternative answers to each of them. These answers are
typically very clever but far from thoroughly convincing, and so the puzzles remain. Why ...
M Obstfeld… - 1996 - nber.org
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 ...
M Obstfeld - 1994 - nber.org
Once one recognizes that governments borrow international reserves and exercise other
policy options to defend fixed exchange rates during currency crises, the question arises:
What factors determine a government's decision to abandon a currency peg or hang on? ...
M Obstfeld - European economic review, 1996 - Elsevier
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 ...
M Obstfeld… - 1995 - nber.org
This paper discusses the profound difficulties of maintaining fixed exchange rates in a world
of expanding global capital markets. Contrary to popular wisdom, industrialized-country
monetary authorities easily have the resources to defend exchange parities against ...
M Obstfeld - 1986 - nber.org
The recent balance-of-payments literature shows that-speculative attacks on a pegged
exchange rate must sometimes-occur if the path of the rate is riot to offer abnormal profit
opportunities. Such attacks are fully rational, as they reflect the market's response to a ...
M Obstfeld - 1995 - nber.org
This paper develops a dynamic continuous-time model in which international risk sharing
can yield substantial welfare gains through its positive effect on expected consumption
growth. The mechanism linking global diversification to growth is an attendant world ...
M Obstfeld… - Journal of international economics, 2000 - Elsevier
The paper develops a simple stochastic new open economy macroeconomic model based
on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty
allows one to analyze the effects of the monetary regime on welfare, expected output, and ...
M Obstfeld - 1998 - nber.org
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 ...
M Obstfeld… - 2007 - nber.org
Five years ago, we published a paper (Obstfeld and Rogoff 2000a) arguing that the US
current account deficit—then running at 4.4 percent of gross domestic product (GDP)—was
on an unsustainable trajectory over the medium term and that its inevitable reversal would ...
HL Cole… - Journal of Monetary Economics, 1991 - Elsevier
Abstract This paper evaluates the social gains from international risk sharing in some simple
general-equilibrium models with output uncertainty. A simulation model calibrated to
selected moments of US and Japanese data estimates the incremental loss from a ban on ...
M Obstfeld… - 1997 - nber.org
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 ...
M Obstfeld… - Handbook of international economics, 1995 - Elsevier
Chapter 34 THE INTERTEMPORAL APPROACH TO THE CURRENT ACCOUNT MAURICE
OBSTFELD University of California, Berkeley and KENNETH ROGOFF* Princeton University
Contents 1. Introduction 2. The current account: Basic concepts and historical overview 3. ...
M Obstfeld - 1996 - nber.org
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 ...
M Obstfeld… - 2004 - books.google.com
This book presents an economic survey of international capital mobility from the late
nineteenth century to the present. The authors examine the theory and empirical evidence
surrounding the fall and rise of integration in the world market. A discussion of institutional ...
M Obstfeld… - 2003 - nber.org
At the turn of the twenty-first century, the merits of international financial integration are
under more forceful attack than at any time since the 1940s. Even mainstream academic
proponents of free multilateral commodity trade, such as Bhagwati, argue that the risks of ...
M Obstfeld - 1986 - nber.org
This paper is a critical assessment of some recent empirical evidence on the extent of
international capital mobility. Its major conclusion is that while much of this evidence is
difficult to interpret without ambiguity, it is consistent with a world economy in which the ...
RE Cumby… - 1985 - nber.org
In an open economy, the scope for activist stabilization policy depends on the nature of the
lincages between domestic and international markets for goods and assets. Tgo important
relationships--purchasing power parity and uncovered interest-rate parity--have received ...
M Obstfeld… - 1999 - nber.org
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 ...
M Obstfeld - The Quarterly Journal of Economics, 1982 - qje.oxfordjournals.org
Abstract This paper investigates the spending and current-account effects of terms-of-trade
shifts in a model where households maximize utility over an infinite planning period. In the
framework developed here, an economy specialized in production must experience a fall ...
KA Froot… - 1992 - nber.org
In this paper we propose and test empirically a new rational-bubble specification with both
these properties. Our formulation is simple because it introduces no extraneous sources of
variability. Instead, the bubbles we examine are driven exclusively-albeit
M Obstfeld… - 1998 - nber.org
This paper develops an explicitly stochastic new open economy macroeconomics' model,
which can potentially be used to explore the qualitative and quantitative welfare differences
between alternative exchange rate regimes. A crucial feature is that we do not simplify by ...
M Obstfeld… - Brookings papers on economic activity, 2005 - JSTOR
This is the third in a series of papers we have written over the past five years about the
growing US current account deficit and the potentially sharp ex? change rate movements
any future adjustment toward current account bal? ance might imply. 1 The problem has ...
B Eichengreen, M Obstfeld… - Economic Policy, 1990 - JSTOR
The creation of a monetary union in Europe is often justified by the desire to reap the full
benefits of economic integration. The complete removal of capital controls raises a large
number of issues. The case for free capital mobility is strong, but not overwhelming. It ...
A Alesina, R Perotti, J Tavares, M Obstfeld… - Brookings Papers on …, 1998 - JSTOR
FISCAL DISCIPLINE is currently the main macroeconomic problem faced by industrial and
developing countries. Following the fiscal profligacy of the 1970s and early 1980s, deficit
reduction has dominated the political economy debate during the past few years. The ...
M Obstfeld… - The Quarterly Journal of Economics, 2002 - qje.oxfordjournals.org
Abstract It is well-known that if international linkages are relatively small, the potential gains
to international monetary policy coordination are typically quite limited. But when goods and
financial markets are tightly linked, is it problematic if countries unilaterally design their ...
M Obstfeld… - 1983 - nber.org
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 ...
M Obstfeld… - 1999 - nber.org
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 ...
M Obstfeld, R Dornbusch… - Brookings papers on economic …, 1995 - JSTOR
THE BROOKINGS PANEL on Economic Activity first met twenty-five years ago, at a moment
of temporary reprieve but ominous portent for the international monetary system. The Bretton
Woods system of pegged but adjustable dollar exchange rates had permitted the world ...
RE Cumby, J Huizinga… - Journal of Econometrics, 1983 - Elsevier
Abstract The paper develops a two-step estimator for use in rational-expectations models
with autocorrelated residuals and predetermined, but not strictly exogenous, instruments.
The estimator extends the applicability of McCallum's (1976) error-in-variablesapproach to ...
M Obstfeld - Journal of International Economics, 1997 - Elsevier
This paper studies policy rules with escape clauses, analyzing as an example fixed
exchange rate systems that allow member countries the freedom to realign in periods of
stress. While well-designed, escape-clause rules can raise society's welfare in principle, ...
M Obstfeld - 2001 - nber.org
This lecture presents a broad overview of postwar analytical thinking on international
macroeconomics, culminating in a more detailed discussion of very recent progress. Along
the way, it reviews important empirical evidence that has inspired alternative modeling ...
RE Cumby… - 1981 - nber.org
This note tests the hypothesis that nominal interest differentials between similar assets
denominated in different currencies can be explained entirely by the expected change in the
exchange rate over the holding period. This proposition, often called the" Fisher open" ...
M Obstfeld - 1981 - nber.org
The paper develops a model of exchange-rate and current-account determination for a small
economy peopled by infinitely lived, utility-maximizing households. In this setting, a central-
bank purchase of foreign exchange has no real effects when central-bank foreign ...
M Obstfeld, JC Shambaugh… - Review of Economics and …, 2005 - MIT Press
The exchange-rate regime is often seen as constrained by the monetary policy trilemma,
which imposes a stark tradeoff among exchange stability, monetary independence, and
capital market openness. Yet the trilemma has not gone without challenge. Some argue ...
M Obstfeld, RN Cooper… - Brookings Papers on Economic …, 1985 - JSTOR
WITH THE ABANDONMENT of fixed dollar exchange rates in March 1973, the world's
industrialized countries adopted temporarily a system of floating exchange rates that many
economists had advocated to permit individual nations to reconcile the often conflicting ...
M Obstfeld - 1994 - nber.org
What idiosyncratic consumption risks can countries trade away on international asset
markets? This paper develops an empirical methodology for answering the question. The
tests are based on the proposition that in an integrated world asset market with ...
M Obstfeld,
KS Rogoff… - 1996 - econ.kyoto-u.ac.jp
● The first three chapters→ models with a single commodity→ the relative prices never
change● Three goals of this chapter 1. to explain determinants of relative international price
movements; 2. to show how such price movements affect economic activity; 3. to provide a ...
KA Froot… - Journal of International Economics, 1991 - Elsevier
Abstract Simple techniques of regulated Brownian motion are used to analyze the behavior
of the exchange rate when official policy reaction functions are subject to future stochastic
changes. We examine exchange-rate dynamics in cases where the authorities promise (i) ...
M Obstfeld - 1984 - nber.org
The collapse of a fixed exchange rate is typically marked by a sudden balance-of-payments
crisis in which" speculators" fleeing from the domestic currency acquire a large portion of the
central bank's foreign exchange holdings. Faced with such an attack, the central bank ...
M Obstfeld - European Economic Review, 1994 - Elsevier
In dynamic stochastic welfare comparisons, a failure clearly to distinguish between risk
aversion and intertemporal substitutability can result in misleading assessments of the
impact of risk aversion on the welfare costs of consumption-risk changes. The problem ...
M Obstfeld - Journal of Monetary Economics, 1990 - Elsevier
Abstract This paper develops simple geometric methods for analyzing consumer behavior
under recursive but intertemporally dependent tastes. Since the preferences studied need
not be time-additive, they allow the marginal utility of consumption on a given date to vary ...
M Obstfeld… - 2010 - papers.ssrn.com
Abstract: This paper makes a case that the global imbalances of the 2000s and the recent
global financial crisis are intimately connected. Both have their origins in economic policies
followed in a number of countries in the 2000s and in distortions that influenced the ...
M Obstfeld… - 1985 - nber.org
This paper discusses the dynamic behavior of exchange rates, focusing both on the
exchange rate's response to exogenous shocks and the relation between exchange-rate
movements and movements in important endogenous variables such as prices, interest ...
A Alesina, M De Broeck, A Prati, G Tabellini… - Economic Policy, 1992 - JSTOR
Different European countries pay very different interest rates on their public debts. Will these
differences disappear if and when exchange rates come to be irrevocably fixed in the
European Monetary Union? Or rather will default risks in the high debt countries keep ...
M Obstfeld - 2002 - nber.org
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 ...
M Obstfeld - 1982 - nber.org
This paper is a highly selective review of our knowledge about the scope for sterilized
intervention in foreign exchange markets under alternative exchange-rate regimes. Section I
demonstrates the potential importance of simultaneous-equations bias in single-equation ...
M Obstfeld, JC Shambaugh… - 2008 - nber.org
The rapid growth of international reserves---a development concentrated in the emerging
markets---remains a puzzle. In this paper we suggest that a model based on financial
stability and financial openness goes far toward explaining reserve holdings in the ...
M Obstfeld - 1990 - nber.org
But ultimately there are limits to what can be achieved by a pure intervention policy. The
monetary crises under the Bretton Woods system showed that powerful market trends
cannot be suppressed through exchange market interventions by central banks, and more ...
M Obstfeld… - Global Economic Integration: …, 2000 - books.google.com
The US current account deficit surged to 3.7 percent of GDP in 1999, up from an already
high average of 1.7 percent of GDP during 1992-1998. Over the next two years, the deficit is
projected to grow even more, reaching 4.3 percent of GDP in the current year 2000, and ...
M Obstfeld - 2004 - nber.org
Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990,
and the short-run capital gains and losses on those assets can amount to significant
fractions of GDP. These fluctuations in asset values render the national income and ...
AA Weber, R Baldwin… - Economic Policy, 1991 - JSTOR
This article provides a quantitative assessment of the credibility of the European Monetary
System during the disinflation period of the 1980s. The results contradict the widely held
view that the EMS has operated as a DM-zone. It is shown that, after a brief early phase, ...
M Obstfeld - 1983 - nber.org
When the goals of internal and external macroeconomic equilibrium are in conflict, sterilized
intervention in the foreign exchange market may provide an independent policy instrument
through which the central bank can resolve its dilemma in the short run. This paper is ...
GA Calvo… - Econometrica: Journal of the Econometric Society, 1988 - JSTOR
This paper analyzes aspects of optimal fiscal policy for economies with capital accumulation
and finitely-lived, heterogeneous agents. For a particular utilitarian social welfare function,
the problem faced by a central planner can be broken down into two subproblems, a ...
M Obstfeld - 1986 - nber.org
This paper analyzes inevitable transitions between fixed and floating exchange-rate regimes
in a balance-of-payments model where individual preferences are explicitly specified. The
goal is to assessthe analogy between speculative attacks in foreign exchange markets ...
M Obstfeld - 1989 - nber.org
This paper present some new empirical evidence on the extent of world capital-market
integration. The first set of tests carried out uses data from different countries to compare
internationally expected marginal rates of substitution between consumption on different ...
AJ Auerbach… - The American economic review, 2005 - ingentaconnect.com
Abstract: Prevalent thinking about liquidity traps suggests that the perfect substitutability of
money and bonds at a zero short-term nominal interest rate renders open-market operations
ineffective for achieving macroeconomic stabilization goals. We show that even were this ...
M Obstfeld… - The Economic Journal, 2003 - Wiley Online Library
What determines sovereign risk? We study the London bond market from the 1870s to the
1930s. Our findings support conventional wisdom concerning the low credibility of the
interwar gold standard. Before 1914 gold standard adherence effectively signalled ...
M Obstfeld - IMF Staff Papers, 2009 - palgrave-journals.com
Abstract Despite an abundance of cross-sectional, panel, and event studies, there is
strikingly little convincing documentation of direct positive impacts of financial opening on
the economic welfare levels or growth rates of developing countries. The econometric ...
PR Krugman, M Obstfeld, JT Garuz, ES Díaz… - 1999 - carlospitta.com
Paul R. Krugman y Maurice Obstfeld. Economìa internacional. Teoría y política.
Cuarta edición, 1999. Mc Graw Hill. Capitulo 12. Ejercicio 3.- Explique como cada
una de las siguientes transacciones origina dos anotaciones ...
M Obstfeld, JC Shambaugh… - 2009 - nber.org
In this paper we connect the events of the last twelve months," The Panic of 2008" as it has
been called, to the demand for international reserves. In previous work, we have shown that
international reserve demand can be rationalized by a central bank's desire to backstop ...
M Obstfeld - Journal of Monetary Economics, 1989 - Elsevier
Abstract This paper studies the transmission of fiscal disturbances between countries and
the effect of those disturbances on worldwide capital intensity in a context of growth. The
model developed to address these issues allows for the production of both nontradable ...
M Obstfeld, A Alesina… - Brookings Papers on Economic Activity, 1997 - JSTOR
AFTER THREE DECADES, the quest for European monetary unification may well bear fruit
on January 1, 1999. On that date the European Union (EU) plans to introduce a common
currency, the euro, in member states that satisfy specified macroeconomic convergence ...
M Obstfeld - 1989 - nber.org
This paper shows that the optimal extraction of seigniorage implies a strong tendency for
inflation to fall over time toward its socially optimal level. The point is made using a multi-
period model in which (i) the government can finance deficits through bond issue or ...
M Obstfeld… - 1984 - nber.org
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 ...
M Obstfeld… - Journal of Monetary Economics, 1986 - Elsevier
Abstract The growth in the empirical literature on testing for divergent (in mean) speculative
bubbles indicates that existing theoretical arguments for ruling out such price paths are not
sufficiently compelling. Here we strengthen the case for ruling out explosive or implosive ...
H Siebert, M Burda… - Economic Policy, 1991 - JSTOR
Political unification has provided East Germany with an institutional infrastructure and
monetary stability. Now the socialist firm must transform itself. While property rights are
established under German law, ownership assignment remains to be determined in a ...
RE Cumby… - 1983 - nber.org
This paper studies the interaction between Mexico's capital account and domestic credit
policy during the decade 1970-1980. It seeks in particular to measure the offset to monetary
policy caused by interest-sensitive capital flows, and, in doing so, is careful to account for ...
M Obstfeld - 1999 - nber.org
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. ...
MT Jones… - 1997 - nber.org
This paper revises pre-World War II current account data for thirteen countries by treating
gold flows on a consistent basis. The standard historical data sources often fail to distinguish
between monetary gold exports, which are capital-account credits, and nonmonetary gold ...
M Obstfeld - The Review of Economic Studies, 1985 - restud.oxfordjournals.org
Abstract In the late 1970s, countries in Latin America's Southern Cone initiated attempts to
lower domestic inflation rates through the progressive reduction of a preannounced rate of
exchange-rate devaluation. The stabilization programs gave rise to massive capital ...
M Obstfeld - Journal of International Economics, 1986 - Elsevier
Abstract This paper re-examines the effect of devaluation under capital-account restrictions,
adding to traditional formulations the seemingly minor (but realistic) assumption that central-
bank reserves earn interest. In an intertemporal model, devaluation is no longer neutral in ...
R Krugman Paul… - 2003 - en.scientificcommons.org
Abstract International Economics: Theory and Policy is the best-selling textbook in the field
written by two of the world's leading economists, Paul R. Krugman of Princeton University
and Maurice Obstfeld of the University of California, Berkeley. The Sixth Edition provides ...
M Obstfeld - Journal of International Economics, 1980 - Elsevier
Abstract This paper studies the macroeconomic effects of an increase in the price of an
imported intermediate production input. The framework of the analysis is a small open
economy with a floating exchange rate and endogenous terms of trade, in which saving ...
M Obstfeld - 1981 - nber.org
This paper examines the effects of ex-change-rate policies when individuals maximize
lifetime utility on the basis of rational expectations about the future. The economy studied is
one in which the authorities allow free mobility of capital under a crawling-peg exchange- ...
M Obstfeld - Ohlin Lectures, Stockholm School of Economics, 2007 - 128.32.105.3
If we examine assets and liabilities separately, E foreign assets (as a GDP share) caught
up with D foreign assets (as a GDP share) in the late 1990s. E liabilities remain higher than
E assets, but D liabilities are much higher (again, relative to GDP). The trend of both ...
M Obstfeld - Journal of International Money and Finance, 1983 - Elsevier
Abstract The paper studies the effects of terms-of-trade fluctuations in an infinite-horizon
optimizing model of a small, open economy. While the current-account response to a
transitory terms-of-trade shock is in part explicable by intertemporal smoothing, an ...
M Duarte… - Journal of International Money and Finance, 2008 - Elsevier
This paper revisits the sticky-price pricing-to-market model of Devereux and Engel
[Devereux, MB, Engel, C., 2003. Monetary policy in the open economy revisited: price setting
and exchange-rate flexibility. Review of Economic Studies 70 (4), 765–783], in which fixed ...
M Obstfeld - 1993 - nber.org
Can we afford to allow a disproportionate degree of mobility to a single element in an
economic system which we leave extremely rigid in several other respects? If there was the
same mobility internationally in all other respects as there is nationally, it might be a ...
AJ Auerbach… - 2003 - nber.org
Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and
bonds at a zero short-term nominal interest rate renders open-market operations ineffective
for achieving macroeconomic stabilization goals. We show that even were this the case, ...
[CITATION] Global Capital Markets: Integration
M Obstfeld… - Crisis and Growth. Cambridge University Press, 2004
M Obstfeld - The Economics of Saving and Growth, 1999 - books.google.com
This chapter surveys aspects of the empirical and theoretical debate over the effects of
foreign resource inflows on national saving, investment, and growth.'The debate originated
in the early 1960s in attempts to assess the role of capital inflows in development. But ...
GA Calvo… - Econometrica, 1990 - JSTOR
Hence, there is a choice of 7ro large enough that the government budget exhibits a surplus
(ie,(2) holds as a strict inequality). Given mi,, which is one of the variables under control of
government 0, changes in 70 do not directly affect utility. It is therefore trivial to show that ...
M Obstfeld - Center for International and Development …, 1993 - econpapers.repec.org
... Please update your bookmarks. Model Trending Real Exchange Rates. Maurice Obstfeld.
No C93-011, Center for International and Development Economics Research (CIDER)
Working Papers from University of California at Berkeley. ...
M Obstfeld, JC Shambaugh… - 2004 - nber.org
The interwar period was marked by the end of the classical gold standard regime and new
levels of macroeconomic disorder in the world economy. The interwar disorder often is
linked to policies inconsistent with the constraint of the open-economy trilemma the ...
M Obstfeld - NBER Macroeconomics Annual, 1996 - JSTOR
1. His first claim concerns the "new" literature that views speculative attacks as the outcome of
a game between purposeful governments and profit-maximizing markets. Krugman argues that
this literature takes the position that "attacks on fixed exchange rates are not, as had ...
M Obstfeld - Econometrica: Journal of the Econometric Society, 1984 - JSTOR
IN ANALYZING ASSET-MARKET MODELS assuming perfect foresight or rational expecta-
tions, it has become customary to consider only solution paths satisfying a set of terminal
convergence conditions. The imposition of these side conditions is usually justified on the ...
M Obstfeld… - 2000 - nber.org
In recent years, many countries have instituted monetary reforms aimed at improving anti-
inflation credibility. Is it a problem, however, that international welfare spillover effects
seldom receive much consideration in the design of monetary reforms? Surprisingly, the ...
[CITATION] (1996), Foundations of International Macroeconomics
M Obstfeld… - 1996 - Cambridge, Massachusetts: The MIT …
M Obstfeld - Journal of Monetary Economics, 1982 - Elsevier
Abstract This paper investigates the long-and short-run neutrality of open-market monetary
policy in a world of fixed exchange rates and imperfect substitutability between bonds
denominated in different currencies. Using an illustrative portfolio-balance model, it shows ...
EM Claassen, C Wyplosz, P De Grauwe… - Annales de l'INSEE, 1982 - JSTOR
The first part of this paper considers the extent of the case for capital controls in the literature.
It examines the long run effects of such controls on resource allocation, and the possibility
that the controls increase policy independence in the short run. The second part is ...
M Obstfeld - 2004 - nber.org
Among the developing countries of the world, those emerging markets that have sought
some degree of integration into world finance are characterized by higher per capita
incomes, higher long-run growth rates, and lower output and consumption volatility. These ...
M Obstfeld - The Scandinavian Journal of Economics, 1998 - Wiley Online Library
2. Abstract This paper views developments in open-economy macroeconomics through the
lens of the debate over European monetary unification. The empirical tendency for nominal
exchange rate regimes to affect the variability of nominal and real exchange rates alike ...
PR Krugman, M Obstfeld… - 2003 - books.google.com
Best-seller de deux des plus influents économistes du monde, cet ouvrage constitue une
base de travail indispensable pour tous ceux qui s' intéressent aux principes ou à l'actualité
de l'économie internationale. Il est le support essentiel pour l'enseignement de ces ...
M Obstfeld - 1989 - nber.org
One of the most puzzling aspects of the post-1973 floating exchange rate system has been
the apparently inefficient predictive performance of forward exchange rates. This paper
explores some aspects of each of three leading explanations of forward-rate behavior. ...
M Obstfeld - 2006 - nber.org
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 ...
M Obstfeld - European Economic Review, 1998 - Elsevier
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
members states. Current EU legislation, notably the Maastricht treaty, requires that the ...
[CITATION] Effects of foreign resource inflows on saving: a methodological overview
M Obstfeld - mimeograph, University of California, Berkeley,(April …, 1995
[CITATION] Foundations of International Macroeconomics, Chapter 4
M Obstfeld… - 1996 - The MIT Press
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