Maurice Obstfeld

The Obstfeld-Rogoff framework, developed by Maurice Obstfeld and Kenneth Rogoff, is a foundational model in modern international macroeconomics. It introduced a rigorous micro-founded approach to analyzing exchange rates, current accounts, and capital flows. Their 1996 textbook on this subject remains a standard in graduate-level economics programs.

Maurice Obstfeld served as the Chief Economist of the International Monetary Fund (IMF) from 2015 to 2018. He was appointed by Managing Director Christine Lagarde during a period of global economic uncertainty. During his tenure, he focused heavily on the economic consequences of Brexit and global trade tensions.

Maurice Obstfeld is a highly respected professor of economics at the University of California, Berkeley, where he holds the Class of 1958 Professorship. He has been a long-time member of the Berkeley faculty, taking leaves for public service. He has also previously taught at Harvard University and the University of Pennsylvania.

Obstfeld developed "second-generation" models of currency crises, which show that even fundamentally healthy economies can suffer speculative attacks. His research demonstrates that if investors believe a government will eventually abandon its fixed exchange rate, a self-fulfilling panic can occur. This theory was highly relevant during the 1992 European Exchange Rate Mechanism crisis.