Contact Information
202-452-2528
joseph.e.gagnon@frb.gov

Fields of Interest
International Finance
International Trade
Macroeconomics

Education
Ph.D., Economics, Stanford University, 1987
M.S., Statistics, Stanford University, 1986
A.B., Economics, Harvard University, 1981

Professional Experience
Board of Governors of the Federal Reserve System, 1987-present
Director, Office of East Asian Nations, Treasury Department, 1999-1999
Director, Office of Industrial Nations and Global Analyses, Treasury Department, 1997-1999
Lecturer, Haas School, University of California, Berkeley, 1990-1991

Selected Publications

• ''Growth-Led Exports: Implications for the Cross-Country Effects of Shocks to Potential Output,'' The Berkeley Electronic Journal of Macroeconomics, vol. 8 (January 2008), pp. 1-28. (Also available as International Finance Discussion Papers 822).
• ''Currency Crashes and Bond Yields in Industrial Countries,'' Journal of International Money and Finance (forthcoming. Also available as International Finance Discussion Papers 837).
• ''Exchange Rate Pass-Through to Export Prices: Assessing Some Cross-Country Evidence'' (with Robert J. Vigfusson and D. Nathan Sheets), Review of International Economics (forthcoming. Also available as International Finance Discussion Papers 902).
• ''Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance,'' Review of International Economics, vol. 15 (September 2007), pp. 639-659. (Also available as International Finance Discussion Papers 781).
• ''Inflation Regimes and Inflation Expectations,'' Federal Reserve Bank of St. Louis Review Part 2, vol. 90 (May 2008), pp. 229-243.
• What Can the Data Tell Us about Carry Trades in Japanese Yen? (with Alain Chaboud), International Finance Discussion Papers 899. Washington: Board of Governors of the Federal Reserve System, 2007.
• Predicting Sharp Depreciations in Industrial Country Exchange Rates (with Jonathan H. Wright), International Finance Discussion Papers 881. Washington: Board of Governors of the Federal Reserve System, 2006.
• ''Monetary Policy and Exchange Rate Pass-Through'' (with Jane Ihrig), International Journal of Finance and Economics, vol. 9 (2004), pp. 315-338. (Also available as International Finance Discussion Papers 704).
• ''The Effect of Exchange Rates on Prices, Wages, and Profits: A Case Study of the United Kingdom in the 1990s,'' International Economic Journal, vol. 20 (June 2006), pp. 149-160. (Also available as International Finance Discussion Papers 772).
• Preventing Deflation: Lessons from Japan's Experiences in the 1990s (with Alan Ahearne, Jane Haltmaier, Steve Kamin, and others), International Finance Discussion Papers 729. Washington: Board of Governors of the Federal Reserve System, 2002.
• ''Taxation and Inflation: A New Explanation for International Capital Flows'' (with Tamim Bayoumi), Journal of Monetary Economics (October 1996).
• ''Market Share and Exchange Rate Pass-Through in World Automobile Trade'' (with Robert Feenstra and Michael Knetter), Journal of International Economics, vol. 40 (February 1996), pp. 187-208.
• ''Is There a World Real Interest Rate?'' (with Mark Unferth), Journal of International Money and Finance, vol. 14 (December 1995), pp. 845-55.
• ''German Unification: What Have We Learned from Multi-Country Models?'' (with Paul Masson and Warwick McKibbin), Economic Modelling, vol. 13 (Winter 1996), pp. 467-97.
• Net Foreign Assets and Equilibrium Exchange Rates: Panel Evidence, International Finance Discussion Papers 574. Washington: Board of Governors of the Federal Reserve System, 1996.
• ''Dynamic Persistence of Industry Trade Balances: How Pervasive is the Product Cycle?'' (with Andrew Rose), Oxford Economic Papers, vol. 47 (October 1995), pp. 229-48.
• ''Exchange Rate Variability and the Level of International Trade,'' Journal of International Economics, vol. 34 (May 1993), pp. 269-87.
• ''Adjustment Costs and International Trade Dynamics,'' Journal of International Economics, vol. 26 (May 1989), pp. 327-344.
• ''Short-Run Models and Long-Run Forecasts: A Note on the Permanence of Output Fluctuations,'' Quarterly Journal of Economics, vol. 103 (May 1988), pp. 415-424.