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Maurice Obstfeld is a Professor of Economics and Director of the Center for International and Development Economic Research (CIDER) at the University of California, Berkeley. He also serves as honorary advisor to the Bank of Japan's Institute of Monetary and Economic Studies. Among Professor Obstfeld's honors are the Carroll Round Keynote Lecture, Woodward Lecture, and Bernhard Harms Prize and Lecture in 2004. Professor Obstfeld is a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He is active as a research Fellow of CEPR, a research associate at NBER, and an International Research Fellow at the Kiel Institute of World Economics.