Recent Papers


Covered Interest Parity Deviations: Macrofinancial Determinants

Eugenio Cerutti, Maurice Obstfeld, and Haonan Zhou

NBER Working Paper 26129, August 2019

Global Dimensions of U.S. Monetary Policy

Maurice Obstfeld

Paper presented at the Federal Reserve System Conference on Monetary Policy Strategy, Tools, and Communication Practices, Federal Reserve Bank of Chicago, June 4-5, 2019


Revisiting the Economic Case for Fiscal Union in the Euro Area

Helge Berger, Giovanni Dell'Ariccia, and Maurice Obstfeld

Centre for Economic Policy Research Discussion Paper 13813, June 2019


A Tie that Binds: Revisiting the Trilemma in Emerging Market Economies

Maurice Obstfeld, Jonathan D. Ostry, and Mahvash S. Qureshi

Review of Economics and Statistics, May 2019


China’s Bond Market and Global Financial Markets

Eugenio Cerutti and Maurice Obstfeld

In The Future of China's Bond Market, edited by Alfred Schipke, Markus Rodlauer, and Longmei Zhang, International Monetary Fund, 2019


Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets

Maurice Obstfeld, Jonathan D. Ostry, and Mahvash S. Qureshi

American Economic Review: Papers and Proceedings, May 2018


In Search of the Armington Elasticity

Robert C. Feenstra, Philip Luck, Maurice Obstfeld, and Katheryn N. Russ

Review of Economics and Statistics, March 2018


Twenty-Five Years of Global Imbalances

Maurice Obstfeld

In Sustaining Economic Growth in Asia, edited by Jérémie Cohen-Setton, Thomas Helbling, Adam Posen, and Changyong Rhee, Peterson Institute for International Economics, 2018


International Monetary Relations: Taking Finance Seriously

Maurice Obstfeld and Alan M. Taylor

Journal of Economic Perspectives, Summer 2017


Revisiting Speculative Hyperinflations in Monetary Models

Maurice Obstfeld and Kenneth Rogoff

Centre for Economic Policy Research Discussion Paper 12051, May 2017


The Initial Economic Impact of Brexit: An Update to Early December 2016

Maurice Obstfeld

Brookings Papers on Economic Activity, Fall 2016


Macroeconomic Management When Policy Space Is Constrained: A Comprehensive, Consistent, and Coordinated Approach to Economic Policy

Vitor Gaspar, Maurice Obstfeld, and Ratna Sahay

IMF Staff Discussion Note SDN/16/09, September 2016


How to Improve Inflation Targeting in Canada

Maurice Obstfeld, Kevin Clinton, Ondra Kamenik, Douglas Laxton, Yulia Ustyugova, and Hou Wang

IMF Working Paper WP/16/192, September 2016


The Euro and the Geography of International Debt Flows

Galina Hale and Maurice Obstfeld

Journal of the European Economic Association, February 2016


Trilemmas and Tradeoffs: Living with Financial Globalization

Maurice Obstfeld

In Global Liquidity Spillovers to Emerging Markets and Policy Responses, edited by Claudio Raddatz, Diego Saravia, and Jaume Ventura, Central Bank of Chile, 2015


The International Monetary System: Living with Asymmetry

Maurice Obstfeld

In Globalization in an Age of Crisis, edited by Robert C. Feenstra and Alan M. Taylor, University of Chicago Press, 2014.


Never Say Never: Commentary on a Policymaker’s Reflections

Maurice Obstfeld

IMF Economic Review, November 2014


On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Maurice Obstfeld

Monetary and Economic Studies (Bank of Japan), November 2013


Finance at Center Stage: Some Lessons of the Euro Crisis

Maurice Obstfeld

European Economy Economic Papers, European Commission Directorate-General for Economic and Financial Affairs, April 2013