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44 results

Page 1 of 3

  • 1 - Lessons of Keynes’s Economic Consequences in a Turbulent Century

  • Edited by Patricia Clavin, University of Oxford, Giancarlo Corsetti, University of Cambridge, Maurice Obstfeld, Peterson Institute for International Economics, Washington DC, Adam Tooze, Columbia University, New York
  • Book:
    Keynes's <i>Economic Consequences of the Peace</i> after 100 Years
    Published online:
    14 December 2023
    Print publication:
    25 January 2024, pp 1-56
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  • Summary

    Just over a century old, John Maynard Keynes’s The Economic Consequences of the Peace (1919) remains a seminal document of the twentieth century. At the time, the book was a prescient analysis of political events to come. In the decades that followed, this still controversial text became an essential ingredient in the unfolding of history. In this essay, we review the arc of experience since 1919 from the perspective of Keynes’s influence and his changing understanding of economics, politics, and geopolitics. We identify how he, his ideas, and this text became key reference points during times of turbulence as actors sought to manage a range of shocks. Near the end of his life, Keynes would play a central role in planning the world economy’s reconstruction after World War II. We argue that the “global order” that evolved since then, marked by increasingly polarized societies, leaves the community of nations ill prepared to provide key global public goods or to counter critical collective threats.

Keynes's Economic Consequences of the Peace after 100 Years
  • Polemics and Policy
  • Edited by Patricia Clavin, Giancarlo Corsetti, Maurice Obstfeld, Adam Tooze
  • Published online:
    14 December 2023
    Print publication:
    25 January 2024
  • The Economic Consequences of the Peace is one of the most famous books in the history of economic thought. It is also one of the most polemical. Published as a response to what Keynes saw as the grave errors of the Treaty of Versailles, the book predicted that war reparations and other harsh terms imposed on Germany would lead to its collapse, which in turn would lead to devastating consequences for Europe and the wider world. Predictions that we now know to have been all too accurate. Keynes's Economic Consequences of the Peace after 100 Years brings together an international team of experts to assess the legacy of Keynes's best-selling work. It compiles a series of wide-ranging chapters, exploring the varied influence of his ideas and policy contributions. Written in an accessible style, it recovers the importance of this history and examines the continued relevance of Keynes's controversial book.

Global Capital Markets
  • Integration, Crisis, and Growth
  • Maurice Obstfeld, Alan M. Taylor
  • Published online:
    03 February 2010
    Print publication:
    19 February 2004
  • This book presents an economic survey of international capital mobility from the late nineteenth century to the present. The authors examine the theory and empirical evidence surrounding the fall and rise of integration in the world market. A discussion of institutional developments focuses on capital controls and the pursuit of macroeconomic policy objectives in shifting monetary regimes. The Great Depression emerges as the key turning point in recent history of international capital markets, and offers important insights for contemporary policy debates. Its principal legacy is that the return to a world of global capital is marked by great unevenness in outcomes regarding both risks and rewards of capital market integration. More than in the past, foreign investment flows largely from rich countries to other rich countries. Yet most financial crises afflict developing countries, with costs for everyone.

  • DYNAMIC SEIGNIORAGE THEORY: An Exploration

  • MAURICE OBSTFELD
  • Journal:
    Macroeconomic Dynamics / Volume 1 / Issue 3 / September 1997
    Published online by Cambridge University Press:
    02 March 2005, pp. 588-614

  • This paper develops a dynamic model of seigniorage in which economies' equilibrium paths reflect the ongoing strategic interaction between an optimizing government and a rational public. The model extends existing positive models of monetary policy and inflation by explicitly incorporating the intertemporal linkages among budget deficits, debt, and inflation. A central finding is that the public's rational responses to government policies may well create incentives for the government to reduce inflation and the public debt over time. A sufficiently myopic government may, however, provoke a rising equilibrium path of inflation and public debt.

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