Contact Information
202-452-3339
steven.kamin@frb.gov

Fields of Interest
Open Economy Macroeconomics
International Finance
Development Economics

Education
Ph.D., Economics, M.I.T., 1987
B.A., Economics, History, University of California at Berkeley, 1979

Professional Experience
Board of Governors of the Federal Reserve System, 1987-present
Visiting Economist, Bank for International Settlements, 1996-1997
Senior Economist, Council of Economic Advisers, 1992-1993
Instructor, University of Maryland, 1990
Research Consultant, The World Bank, 1983-1985
Research Assistant, CCREMS, M.I.T., 1982-1983
Research Assistant, Federal Reserve Bank of San Francisco, 1979-1981

Selected Publications

• ''Explaining the Global Pattern of Current Account Imbalances'' (with Joseph Gruber), Journal of International Money and Finance (forthcoming).
• ''An Assessment of the Disorderly Adjustment Hypothesis for Industrial Economies'' (with Hilary Croke and Sylvain Leduc), International Finance, vol. 9 (Spring 2006), pp. 37-61.
• ''The Impact of Chinese Exports on Global Import Prices'' (with Mario Marazzi and John W. Schindler), Review of International Economics, vol. 14 (May 2006), pp. 179-201.
• ''Identifying the Role of Moral Hazard in International Financial Markets,'' International Finance, vol. 7 (Spring 2004), pp. 25-60.
• ''A Multi-Country Comparison of the Linkages Between Inflation and Exchange Rate Competitiveness'' (with Marc Klau), International Journal of Finance & Economics, vol. 8 (April 2003), pp. 167-184.
• ''Dollarization in Post-Hyperinflationary Argentina'' (with Neil R. Ericsson), Journal of International Money and Finance, vol. 22 (2003), pp. 185-211.
• Preventing Deflation: Lessons from Japan's Experience in the 1990s (with Alan Ahearne, Joseph Gagnon, Jane Haltmaier, and others), International Finance Discussion Papers 729. Washington: Board of Governors of the Federal Reserve System, 2002.
• ''The Impact of Monetary Policy on Exchange Rates During Financial Crises'' (with David Gould), in Reuven Glick, Ramon Moreno, and Mark M. Spiegel, eds., Financial Crises in Emerging Markets. Cambridge, U.K.: Cambridge University Press , 2001.
• ''Output and the Real Exchange Rate in Developing Countries: An Application to Mexico'' (with John H. Rogers), Journal of Development Economics, vol. 61 (2000), pp. 85-109.
• ''The Current International Financial Crisis: How Much is New?,'' Journal of International Money and Finance, vol. 18 (1999), pp. 501-514.
• ''The Use of the Parallel Market Rate as a Guide to Setting the Official Exchange Rate'' (with Nita Ghei), in Lawrence E. Hinkle and Peter J. Montiel, eds., Exchange Rate Misalignment: Concepts in Measurement for Developing Countries. New York: Oxford University Press, 1999.
• The Evolution and Determinants of Emerging Market Credit Spreads in the 1990s (with Karsten von Kleist), International Finance Discussion Papers 653. Washington: Board of Governors of the Federal Reserve System, 1999.
• ''The Transmission Mechanism of Monetary Policy in Emerging Market Economies: An Overview'' (with Philip Turner and Jozef Van't dack), in The Transmission of Monetary Policy in Emerging Market Economies, BIS Policy Papers No. 3 . Basel, Switzerland: Bank for International Settlements, 1998.
• ''Capital Inflows, Financial Intermediation, and Aggregate Demand: Empirical Evidence from Mexico and other Pacific Basin Countries'' (with Paul Wood), in Reuven Glick, ed., Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin. Cambridge: Cambridge University Press, 1998.
• ''Bank Lending and Economic Activity in Japan: Did 'Financial Factors' Contribute to the Recent Downturn?'' (with Allan D. Brunner), International Journal of Finance and Economics, vol. 3 (1998).
• ''Monetary Policy in the End-Game to Exchange-Rate Based Stabilizations: the Case of Mexico'' (with John H. Rogers), Journal of International Economics, vol. 41 (1996), pp. 285-307.
• ''Determinants of the 1991-1993 Japanese Recession: Evidence from a Structural Model of the Japanese Economy'' (with Allan D. Brunner), Japan and the World Economy, vol. 8 (1996).
• ''Contractionary Devaluation with Black Markets for Foreign Exchange,'' Journal of Policy Modeling, vol. 17 (1995).
• ''Devaluation, Exchange Controls, and Black Markets for Foreign Exchange in Developing Countries,'' Journal of Development Economics, vol. 40 (February 1993), pp. 151-69.
• Devaluation, External Balance, and Macroeconomic Performance. Princeton Studies in International Finance, vol. 62. Princeton, NJ: Princeton University Press, 1988.