Mailing Address:
University of California, Berkeley
Department of Economics
530 Evans Hall #3880
Berkeley, CA 94720-3880

Personal website:
https://www.mauriceobstfeld.com/

Tel No. (510) 643-9646
Fax No. (510) 642-6615

E-mail Address:

Courses

• Economics 280C, Spring 2020
• Past Courses

New

• "Trilemmas and Tradeoffs: Living with Financial Globalization" June 2014
• "In Search of the Armington Elasticity" (with Robert C Feenstra, Philip Luck and Katheryn N Russ)(April 2014)
• "The Euro and the Geography of International Debt Flows" (with Galina Hale)(March 2014)
• Debate on Emerging-Market Turbulence (with Gavyn Davies, Alan M. Taylor, and Dominic Wilson) (March 2014)
• "Never Say Never: Commentary on a Policymaker’s Reflections" (December 2013)
• "On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability" (June 2013)
• "Finance at Center Stage: Some Lessons of the Euro Crisis" (April 2013)
• Video on "Understanding Past and Future Financial Crises," Institute of International and European Affairs, Dublin, Ireland (April 2012)

Recent Papers

• "Does the Current Account Still Matter?"(Richard T. Ely Lecture, January 6, 2012)
• "Crises & the International System" (May 2013)
• "Gross Financial Flows, Global Imbalances, and Crises"(L. K. Jha Memorial Lecture, Reserve Bank of India, December 13, 2011)
• "Financial Flows, Financial Crises, and Global Imbalances" (January 2012)
• "The International Monetary System: Living with Asymmetry" (November 2011)
• "International Liquidity: The Fiscal Dimension" (July 2011)
• "Stories of the Twentieth Century for the Twenty-First"
  (with Pierre-Olivier Gourinchas), (July 2011)
• "The SDR as an International Reserve Asset: What Future?" (March 2011)
• "Expanding Gross Asset Positions and the International Monetary System"
  (Panel presentation at Jackson Hole Symposium, August 2010)
• "Global Imbalances and the Financial Crisis: Products of Common Causes"
  (with Kenneth Rogoff), (August 2010)
• "Remembering Alan Stockman"(July 2010)
• "The Immoderate World Economy" Keynote Speech, 3rd Annual JIMF-SCCIE Conference
  (May 2009)
• "Lenders of Last Resort in a Globalized World"
  (November 2009)
• "Time of Troubles: The Yen and Japan’s Economy, 1985-2008"
  (March 2009)
• "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008*"
  with Jay C.Shambaugh and Alan M. Taylor), (Dec 2008)
• "Concluding Summary of the May 2008 Bank of Japan International Conference" (Dec 2008)
• "International Finance and Growth in Developing Countries: What Have We Learned?" (April 2009)
• "Financial Stability, the Trilemma, and International Reserves"(with Jay C. Shambaugh and Alan M. Taylor)
  (June 2009)
• "Implications for the Yen of Japanese Current Account Adjustment"(December 2006)
• "International Risk Sharing and the Costs of Trade" (the Ohlin lectures, May 2007)
• "Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate", (October 2006)
• "Reflections upon Rereading 'The Capital Myth'",(August 2005)
• "The Renminbi's Dollar Peg at the Crossroads",(July 2006; Revised December 2007)
• "The Unsustainable US Current Account Position Revisited" (with Kenneth Rogoff), (October 2004; Revised November 2005)
• "America's Deficit, the World's Problem", (September 2005)
• "Global Current Account Imbalances and Exchange Rate Adjustments", (with Kenneth Rogoff), (May 2005)
• "Monetary Policy in the Open Economy Revisited: The Case for Exchange-Rate Flexibility Restored", (with Margarida Duarte), (Revised February 2007)
• "Expectations and Anti-Deflation Credibility in a Liquidity Trap: Contribution to a Panel Discussion", (July 2004)
• "External Adjustment", reprinted from Review of World Economics, (December 2004)
• "Globalization,Macroeconomic Performance, and the Exchange Rates of Emerging Economies" , (Revised October 2004)
• "Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period"(with Jay Shambaugh and Alan M. Taylor), (April 2004)
• "Monetary and Fiscal Remedies for Deflation" (with Alan J. Auerbach), (January 2004)
• "The Case for Open-Market Purchases in a Liquidity Trap" (joint with Alan J. Auerbach), revised (December 2004)
• "The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility", (with Jay C.Shambaugh and Alan M. Taylor), (revised March 2004)
• "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31" (with Alan M. Taylor), (January 2003)
• "Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics", (June 2002)
• "Saving, Investment, and Gold: A Reassessment of Historical Current Account Data" (with Matthew T. Jones), (2001)
• "Global Implications of Self-Oriented National Monetary Rules" (with Kenneth Rogoff), (June 2001)
• "International Macroeconomics: Beyond the Mundell-Fleming Model," (December 2000)
• "Perspectives on OECD Economic Integration: Implications for US Current Account Adjustment" (with Kenneth Rogoff), (2000)
• "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?" (with Kenneth Rogoff), (2000)
• "New Directions for Stochastic Open Economy Models" (with Kenneth Rogoff), (2000)
• "Risk and Exchange Rates" (with Kenneth Rogoff), (February 2001)
• "EMU: Ready, or Not?" Figure 1, Figure 2, Figure 3 Figure 4, and Figure 5. The data for Figure 2 and the data for Figures 1, 4, and 5 are also downloadable as Quattro Pro files.
• "The Global Capital Market: Benefactor or Menace?", 1998. Table 1 and Figure 1.

Books and Other Selected Publications

• "Global Economic Crisis: Impacts, Transmission and Recovery," (editor, with Dongchul Cho and Andrew Mason), (August 2012)
• "Understanding Past and Future Financial Crises"(with Pierre-Olivier Gourinchas), (Feb 2012)
• "Too Much Focus on the Yuan?" (with Alan J. Auerbach),October 2010
• "Lenders of Last Resort and Global Liquidity: Rethinking the System," Development Outreach (World Bank Institute), December 2009
• "Global Capital Markets: Integration, Crisis, and Growth," with Alan M. Taylor.
• Jeffrey G. Williamson's review of Global Capital Markets
• Globalization and Macroeconomics, Fall 2000.
• Money, Capital Mobility, and Trade: Essays in Honor of Robert Mundell, with Guillermo A. Calvo and Rudi Dornbusch.
• International Economics: Theory and Policy, 10th edition with Paul Krugman and Marc Melitz,
• Foundations of International Macroeconomics, with Kenneth Rogoff.
• The Logic of Currency Crises, 1994 reprint.
• Dynamic Seigniorage Theory: An Exploration, 1997 reprint
• "Financial Shocks and Business Cycles: Lessons from Outside the United States," 1998 reprint.
• "Model Trending Real Exchange Rates," Center for International and Development Economics Research Working Paper, 1993.
• "Dynamic Optimization in Continuous-Time Economic Models (A Guide for the Perplexed)," 1992 working paper. This paper is in two parts. 1st part and 2nd part]

Data from Selected Publications

Data from "Regional Non-Adjustment and Fiscal Policy," with Giovanni Peri, Economic Policy, April 1998. The data files are contained in a downloadable zipped archive. All the files are formatted for Excel (.xls).

Data from "The Mirage of Fixed Exchange Rates," with Kenneth Rogoff, Journal of Economic Perspectives, Fall 1995. The data are in a single Quattro Pro file.

Data from "International Currency Experience: New Lessons and Lessons Relearned," Brookings Papers on Economic Activity, 1:1995. The data files are contained in a downloadable zipped archive.

Affiliations

Research Associate, National Bureau of Economic Research
Research Fellow, Centre for Economic Policy Research
International Research Fellow, Kiel Institute of World Economics
Member, Macroeconomics Research Programme, International Growth Centre
Member, IGM Booth Economic Experts Panel