Maurice Obstfeld

Maurice Obstfeld ( born March 19, 1952 in New York City ) is an American economist. He is an expert in matters of foreign economic theory, in particular of international capital flows. Is known of his textbook International Economics: Theory and Policy by Paul Krugman.


From 1969 to 1973 Obstfeld studied at the University of Pennsylvania, in Philadelphia. There he earned a Bachelor of Arts, which he graduated summa cum laude. 1973 to 1975 he studied at King's College, University of Cambridge, where he obtained a Master.

Between 1975 and 1979 studied Obstfeld at the Massachusetts Institute of Technology. In 1979 he received his Ph.D. for a thesis on Capital Mobility and Monetary Policy under Fixed and Flexible Exchange Rates.

From 1979 he worked in various positions at Columbia University before moving in 1986 as a professor at the University of Pennsylvania. Since 1989 he is professor at the University of California at Berkeley.

Since 2001, he also acts as advisor to the Bank of Japan.


  • 2004: Bernhard Harms Prize from the Kiel Institute for the World Economy

Important publications


  • International Economics: Theory and Policy, 2005, with Paul Krugman ( translated into several languages ​​)
  • Global Capital Markets: Integration, Crisis, and Growth, 2004, Alan M. Taylor
  • Money, Capital Mobility, and Trade: Essays in Honor of Robert Mundell, 2001, by Guillermo Calvo and Rudiger Dornbusch
  • Globalization and Macroeconomics, 2000
  • Foundations of International Macroeconomics, 1998, with Kenneth Rogoff
  • Financial Shocks and Business Cycles: Lessons from Outside the United States, 1998
  • The Logic of Currency Crises, 1994

Journal articles

  • Imperfect asset substitutability and Monetary Policy under Fixed Exchange Rates, Journal of International Economics, 1980
  • Intermediate Imports, the Terms of Trade, and the Dynamics of the Exchange Rate and Current Account, Journal of International Economics, 1980
  • Capital Mobility and Devaluation in on Optimizing Model with Rational Expectations, American Economic Review, 1981
  • Can We Sterilize? Theory and Evidence, American Economic Review, 1982
  • Exchange Rates, Inflation, and the Sterilization Problem: Germany, 1975-1981, European Economic Review, 1983
  • Rational and Self - Fulfilling Balance -of- Payments Crises, American Economic Review, 1986
  • Ruling Out ​​Divergent Speculative Bubbles, Journal of Monetary Economics, 1986, with Kenneth Rogoff
  • International Risk Sharing and Capital Mobility: Another Look, Journal of International Money and Finance, 1992
  • Exchange Rate Dynamics Redux, Journal of Political Economy, 1995, with Kenneth Rogoff
  • A Strategy for Launching the Euro, European Economic Review, 1998
  • The Six Major Puzzles in International Macroeconomics: Is There a Common Cause, in Ben S. Bernanke, Kenneth Rogoff (eds.), NBER Macroeconomics Annual 2000, by Kenneth Rogoff?
  • Inflation Targeting, Exchange -Rate Pass -Through, and Volatility, American Economic Review, 2002