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Risk and Exchange Rates

Obstfeld, Maurice - 1998

a sticky-price alternative to Lucas's (1982) exchage rate risk premium model. We show that the level risk premium' in …

Persistent link: https://www.econbiz.de/10012472119

Nonlinear Aspects of Goods-Market Arbitrage and Adjustment : Heckscher's Commodity Points Revisited

Obstfeld, Maurice - 1997

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...

Persistent link: https://www.econbiz.de/10012472761

The Logic of Currency Crises

Obstfeld, Maurice - 1994

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? In a setting of purposeful action...

Persistent link: https://www.econbiz.de/10012474296

Risk-Taking, Global Diversification, and Growth

Obstfeld, Maurice - 1992

This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare … an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of … of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World Table …

Persistent link: https://www.econbiz.de/10012474882

International Finance

Obstfeld, Maurice - 1986

time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign … external balance become more difficult to apply when countries face credit rationing as a result of nonrepayment risk …

Persistent link: https://www.econbiz.de/10012476993

Capital Flows, the Current Account, and the Real Exchange Rate : Consequences of Liberalization and Stabilization

Obstfeld, Maurice - 1984

This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...

Persistent link: https://www.econbiz.de/10012477560

Natural and Neutral Real Interest Rates : Past and Future

Obstfeld, Maurice - National Bureau of Economic Research - 2023

This paper surveys the decline in real interest rates in advanced and emerging economies over the past several decades, linking that process to a range of global factors that have operated with different force in different periods. The paper argues that estimates of long-run equilibrium real...

Persistent link: https://www.econbiz.de/10014447270