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Open-Economy Macroeconomics: Developments in Theory and Policy

Obstfeld, Maurice - Economics Department, Queen's University - 1997

This paper surveys recent research in open-economy macroeconomics, using questions raised by European economic and monetary unification to guide the topics discussed. A striking empirical regularity is the tendency for changes in the nominal exchange rate regime systematically to affect the...

Persistent link: https://www.econbiz.de/10005653143

A Strategy for Launching the Euro

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 1997

conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One …, allows a highly credible preannouncement of the bilateral currency conversion factors to be set at the start of EMU. That …

Persistent link: https://www.econbiz.de/10005789076

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31

Obstfeld, Maurice; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2003

What determines sovereign risk? We study the London bond market from the 1870s to the 1930s. Our findings support conventional wisdom concerning the limited credibility of the interwar gold standard. Before 1914, gold standard adherence effectively signalled credibility and shaved 40 to 60 basis...

Persistent link: https://www.econbiz.de/10005497898

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

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 is often linked to policies inconsistent with the constraint of the open-economy trilemma - the inability of policy-makers...

Persistent link: https://www.econbiz.de/10005067639

The Trilemma in History: Trade-offs Among Exchange Rates, Monetary Policies and Capital Mobility

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2004

The exchange-rate regime is often seen as constrained by the monetary policy trilemma, which imposes a stark trade-off among exchange stability, monetary independence, and capital market openness. Yet the trilemma has not gone without challenge. Some (e.g., Calvo and Reinhart 2001, 2002) argue...

Persistent link: https://www.econbiz.de/10005123496

The International Monetary System: Living with Asymmetry

Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011

This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods 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...

Persistent link: https://www.econbiz.de/10009385766

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008

Obstfeld, Maurice; Taylor, Alan M.; Shambaugh, Jay C. - National Bureau of Economic Research (NBER) - 2009

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 the broad money supply...

Persistent link: https://www.econbiz.de/10005774513

A Strategy for Launching the Euro

Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 1999

conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty … 1998. Given that legal constraint several strategies for choosing the relative prices of EMU member currencies against the … bilateral currency conversion factors" to be set at the start of EMU. That approach assumes, however, that no prospective EMU …

Persistent link: https://www.econbiz.de/10005718802

Harry Johnson's "case for flexible exchange rates"—50 years later

Institute, Peterson; Obstfeld, Maurice - 2021

Fifty years ago, Harry G. Johnson published “The Case for Flexible Exchange Rates, 1969,” its title echoing Milton Friedman’s classic essay of 1953. Though somewhat overlooked today, Johnson’s reprise was an important element in the late 1960s debate over the future of the international...

Persistent link: https://www.econbiz.de/10013220272

EMU: Ready, or Not?

Obstfeld, Maurice - Institute of Business and Economic Research (IBER), … - 1998

and monetary union (EMU), as well as on some key problems of Stage Three that EMUâ€™s monetary and fiscal structures … single joint currency. A third problem, one that is central for EMU and to any currency union, lies behind the difficulty of …€™s financial markets. I consider the past and prospective fiscal adjustments of the EMU 11, and suggest these might pose future …

Persistent link: https://www.econbiz.de/10011131787