Contact Information
202-452-3209
shaghil.ahmed@frb.gov

Fields of Interest
Macroeconomics
Monetary Economics
International Finance

Education
Ph.D., Economics, University of Rochester, 1985
M.A., Economics, University of Rochester, 1983
B.Sc., Economics, London School of Economics, 1980

Professional Experience
Board of Governors of the Federal Reserve System, 1995-present
Managing Director, Social Policy and Development Center, Pakistan, August 2004-July 2006
Assistant Professor, Pennsylvania State University, 1986-1995
Visiting Scholar, Federal Reserve Bank of Philadelphia, September 1992-January 1993
Visiting Assistant Professor, Anderson Graduate School of Management, UCLA, 1991-1992
Visiting Assistant Professor, Brown University, 1984-1986

Selected Publications

• ''Impact of Trade Liberalization on Growth and Poverty in Pakistan,'' in Michael Kugelman and Robert M. Hathaway, eds., Hard Sell: Attaining Pakistani Competitiveness in Global Trade. Washington, DC: Woodrow Wilson Center, 2008.
• The Role of China in Asia: Engine, Conduit, or Streamroller? (with Jane Haltmaier, Brahima Coulibaly, Ross Knippenberg, and others), International Finance Discussion Papers 904. Washington: Board of Governors of the Federal Reserve System, 2007.
• ''How External Shocks and Exchange Rate Depreciations Affect Pakistan? Implications for Choice of an Exchange Rate Regime'' (with Iffat Ara and Kalim Hyder), State Bank of Pakistan Research Bulletin, vol. 2 (2006), pp. 61-88.
• Trade Liberalization, Growth and Poverty (with Haroon Jamal, Qazi Ahmed , Asif Iqbal, and others). Annual Review of Social Development in Pakistan, vol. 2005-06. Karachi, Pakistan: Social Policy and Development Center, 2006.
• ''Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?'' (with Andrew Levin and Beth Anne Wilson), Review of Economics and Statistics, vol. 86 (August 2004), pp. 824-32.
• ''Sources of Economic Fluctuations in Latin America and Implications for Choice of Exchange Rate Regimes,'' Journal of Development Economics, vol. 72 (October 2003), pp. 181-202.
• Are Depreciations as Contractionary as Devaluations? A Comparison of Selected Emerging and Industrial Economies (with Christopher Gust, Steven Kamin, and Jonathan Huntley), International Finance Discussion Papers 737. Washington: Board of Governors of the Federal Reserve System, 2002.
• ''Inflation and the Great Ratios: Long-Term Evidence from the U.S.'' (with John Rogers), Journal of Monetary Economics, vol. 45 (February 2000), pp. 3-35.
• ''Business Cycles in Emerging Market Economies'' (with Prakash Loungani), Monetaria, vol. 22 (October 1999).
• ''The Marginal Cost of Funds With Nonseparable Public Spending'' (with Dean Croushore), Public Finance Quarterly, vol. 24 (April 1996), pp. 216-36.
• ''Government Budget Deficits and Trade Deficits: Are Present Value Constraints Satisfied in Long-Term Data'' (with John Rogers), Journal of Monetary Economics, vol. 36 (February 1996), pp. 351-74.
• ''Fiscal Trends in Real Economic Aggregates'' (with Byung Sam Yoo), Jounral of Money, Credit and Banking, vol. 27 (November 1995), pp. 985-1001.
• ''Sources of Macroeconomic Fluctuations in Small Open Economies'' (with Jae-Ha Park), Journal of Macroeconomics, vol. 16 (1994), pp. 1-36.
• ''Money, Output, and Business Cycles in a Small Open Economy'' (with Radha Murthy), Canadian Journal of Economics, vol. 27 (November 1994), pp. 982-93.
• ''International Business Cycles'' (with Barry Ickes, Ping Wang, and Byung Sam Yoo), American Economic Review, vol. 83 (June 1993), pp. 335-59.
• ''Islamic Banking and Finance: A Review Essay,'' Journal of Monetary Economics, vol. 24 (1989), pp. 157-67.
• ''Wage Stickiness and the Non-Neutrality of Money: A Cross-Industry Analysis,'' Journal of Monetary Economics, vol. 20 (July 1987), pp. 25-50.
• ''Temporary and Permanent Government Spending in an Open Economy: Some Evidence for the United Kingdom,'' Journal of Monetary Economics, vol. 17 (March 1986), pp. 197-224.