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The International Monetary System : Living with Asymmetry

Obstfeld, Maurice - 2011

system: international liquidity and exchange rate management. Despite radical changes since World War II in the market … context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy … coordination. To take two prominent examples of specific (and related) coordination problems, liquidity issues are paramount in …

Persistent link: https://www.econbiz.de/10012461016

Exchange Rates, Inflation and the Sterilization Problem : Germany, 1975-1981

Obstfeld, Maurice - 1982

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 concerned with the West...

Persistent link: https://www.econbiz.de/10012478142

Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate

Obstfeld, Maurice - 2006

Even when the exchange-rate plays no expenditure-switching role, countries may wish to have flexible exchange rates in order to free the domestic interest rate as a stabilization tool. In a setting with nontraded goods, exchange-rate movements may also enhance international risk sharing

Persistent link: https://www.econbiz.de/10012465961

Do We Really Need a New International Monetary Compact?

Obstfeld, Maurice - 2000

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 answer may be no. Under...

Persistent link: https://www.econbiz.de/10012470879

The Effectiveness of Foreign-Exchange Intervention : Recent Experience

Obstfeld, Maurice - 1988

Since the September 1985 Plaza Hotel announcement by the Group of Five industrial countries, a substantial realignment of exchange rates has been achieved. At the same time, foreign exchange market intervention, much of it concerted and much of it sterilized, has been undertaken on a scale not...

Persistent link: https://www.econbiz.de/10012476261