International liquidity: the fiscal dimension by Maurice Obstfeld, published by NBER. “This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide a higher and better coordinated level of fiscal support than it…
“Financial Stability, the Trilemma, and International Reserves” by Maurice Obstfeld, Jay C. Shambaugh and Alan M. Taylor. The Trilemma (difficult trade-off policy makers face to choose between a fixed exchange rate regime, an independent monetary policy, and an open capital…
“Global Imbalances and the Financial Crisis: Products of Common Causes” Maurice Obstfeld and Kenneth Rogoff. The paper suggests an intimate connection between the global imbalances of the 2000s and the recent global financial crisis. Recomended by Alvaro Manoel.