Jay Shambaugh
Jay Shambaugh
Former Director, Professor of Economics and International Affairs
Former Director
Contact:
The Elliott School of International Affairs
Foggy Bottom Campus
1957 E Street, NW, Suite 502D
Washington DC 20052
Professor Shambaugh’s area of research is macroeconomics and international economics. His work includes analysis of the interaction of exchange rate regimes with monetary policy, capital flows, and trade flows as well as studies of international reserves holdings, country balance sheet exchange rate exposure, the cross-country impact of fiscal policy, the crisis in the euro area, and regional growth disparities.
He has had two stints in public service. He served as a Member of the White House Council of Economic Advisors from 2015-2017. Earlier, he served on the staff of the CEA as a Senior Economist for International Economics and then as the Chief Economist. He also spent 3 years as the Director of the Hamilton Project at the Brookings Institution. He is also a Faculty Research Fellow at the NBER and Non-Resident Senior Fellow in Economic Studies at Brookings.
Prior to joining the faculty at George Washington, Shambaugh taught at Georgetown and Dartmouth and was a visiting scholar at the IMF. Shambaugh received his Ph.D. in economics from the University of California at Berkeley, an M.A. from the Fletcher School at Tufts, and a B.A. from Yale University.
» Download some of my journal articles and working papers via RePEc.
macroeconomics, international economics, competition policy, energy and environment policy, housing, finance, technology
Ph.D. from University of California, Berkley
U.S.-China Economic Relations, Global Economic Governance, International Finance
| Date | Title and Author |
|---|---|
| April 2019 | Rethinking Fiscal Policy, in Evolution or Revolution (edited by Olivier Blanchard and Larry Summers). MIT Press. April 2019. |
| 2017 | Demand and Global Growth, 2017, in Proceedings of the Conference of Councils of Economic Policy, German Council of Economic Experts (meeting in June 2016) |
| 2017 | How Fast Can We Grow, and Why that Matters, 2017, in Economics and Policy in the Age of Trump, ed. Chad Bown, VoxEU CEPR book |
| January 2016 | The Rise and Fall of European Current Account Deficits, Economic Policy, volume 31, Issue 85, January 2016 (joint with Joong Shik Kang). |
| October 2015 | Rounding the Corners of the Trilemma: Sources of Monetary Policy Autonomy, American Economic Association Journal – Macroeconomics, October 2015, volume 7 no. 4, pages 33-66. [available as NBER Working Paper no 19461, September 2013] (with Michael Klein) |
| January 2015 | International Currency Exposures, Valuation Effects, and the Global Financial Crisis, Journal of International Economics 96 (2015) S98–S109 [available as NBER Working Paper no. 20820, January 2015] (with Agustin S. Benetrix and Philip R. Lane) |
| July 2014 | Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies, IMF Staff Discussion Note No. 14/7, July 2014, (with Thierry Tressel, Shengzu Wang, Joong Shik Kang) |
| 2014 | Rethinking Exchange Rate Regimes after the Crisis, 2014, in, What Have We Learned?: Macroeconomic Policy after the Crisis, ed. George A. Akerlof, Olivier J. Blanchard, David Romer, Joseph E. Stiglitz, MIT Press. |
| Spring 2012 | The Euro’s Three Crises, Brookings Papers on Economic Activity Spring 2012, pp 157-211. |
| May 2012 | Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks, American Economic Association Journal – Economic Policy, vol. 4(2), pages 95-114, May 2012 [Available as NBER Working Paper no. 15113] (with James Feyrer) |
| Jan 2010 | The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets, Journal of International Economics vol. 80, issue 1, pp. 33-44, January 2010 [available as NBER Working Paper no. 14909] (with Philip Lane) |
| April 2010 | Financial Stability, the Trilemma, and International Reserves, American Economic Association Journal – Macroeconomics vol. 2, no. 2, April 2010, pp. 57-94. [available as NBER Working Paper no. 14127] (with Alan Taylor and Maury Obstfeld) |
| March 2010 | Financial Exchange Rates and International Currency Exposures, American Economic Review – vol 100, no. 1, March 2010, pp. 518-540 [Available as NBER Working Paper no. 13433] (with Philip Lane) |
| May 2009 | Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008, American Economic Review (Papers and Proceedings), May 2009 [available as NBER Working Paper no. 14826] (with Maurice Obstfeld and Alan M. Taylor) |
| June 2008 | A New Look at Pass-through, Journal of International Money and Finance – Volume 27, Issue 4, Pages 560-591 (June 2008) |
| 2008 | The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime, Journal of International Economics – vol. 74, 2008, 341-61 [available as IIIS Discussion Paper no. 116 or IMF Working Paper 06/37] (with Julian di Giovanni) |
| May 2008 | The Dynamics of Exchange Rate Regimes: Fixes, Floats, and Flips, Journal of International Economics – Volume 75, Issue 1, Pages 70-92 (May 2008) [previous version (The Nature of Exchange Rate Regimes) available as NBER Working Paper no. 12729] (with Michael Klein) |
| Dec 2006 | Fixed Exchange Rates and Trade, Journal of International Economics – vol. 70, December 2006, pp. 359-83 [also NBER Working Paper no. 10696] (with Michael Klein) |
| Oct 2006 | An Experiment with Multiple Currencies: The American Monetary System From 1838-60, Explorations in Economic History – vol 43, October 2006, 609-45. |
| Aug 2005 | The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility, Review of Economics and Statistics – vol 87, issue 3 – August 2005, pp. 423-38. (with Maurice Obstfeld and Alan M. Taylor) |
| 2004 | Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period, IMF Staff Papers – Volume 51 special issue 2004, pp 75-108. (with Maurice Obstfeld and Alan M. Taylor) |
| Feb 2004 | The Effect of Fixed Exchange Rates on Monetary Policy, Quarterly Journal of Economics vol. 119 no.1, February 2004, p. 301-352. |
Work in progress
The World Interest Rate, (joint with Hang Zhou) 2020. Submitted
Education and unequal regional labor market outcomes: the persistence of regional shocks and employment responses to trade shocks (Joint with Katheryn Russ). Prepared for the Federal Reserve Bank of Boston Conference Session: Rethinking regional responses to economic shocks, September 2019
Trade Shocks and the Shifting Landscape of U.S. Manufacturing, NBER Working Paper no. 25646. March 2019 (co-authored with Katherine Eriksson, Katheryn Russ, and Minfei Xu). Provisionally accepted Journal of International Money and Finance.
The Evolution of Current Account Deficits in the GIPS and the Baltics: Many Paths to the Same Endpoint – IMF Working Paper 13/169, 2013, joint with Joong Shik Kang.
Progress Towards External Adjustment in the Euro Area Periphery and the Baltics – IMF Working Paper 14/131, 2014, joint with Joong Shik Kang
Books
Books Edited
Tackling the Tax Code: Efficient and Equitable Ways to Raise Revenue (co-edited with Ryan Nunn), The Hamilton Project at Brookings, 2020
Recession Ready: Fiscal Policies to Stabilize the American Economy (co-edited with Heather Boushey and Ryan Nunn), The Hamilton Project at Brookings, 2019
Place Based Policies for Shared Economic Growth (co-edited with Ryan Nunn), The Hamilton Project at Brookings, 2018
Revitalizing Wage Growth (co-edited with Ryan Nunn), The Hamilton Project at Brookings, 2018
Professor Shambaugh has taught Econ 8383 International Financial Markets (PhD), Econ 6284 Survey of International Macroeconomics and Finance Theory and Policy (Masters), Econ 2182 International macroeconomic theory and policy (undergraduate), and Econ 2180 Introduction to International Economics (undergraduate). He has previously taught undergraduate international macroeconomics, and masters level courses on international economics as well as financial markets and public policy in a time of crisis.