Jonathan David Ostry
Last Updated: December 07, 2018
Jonathan D. Ostry is Deputy Director of the Research Department at the International Monetary Fund and a Research Fellow at the Center for Economic Policy Research (CEPR). His recent responsibilities include leading staff teams on: IMF-FSB Early Warning Exercises on global systemic macrofinancial risks; vulnerabilities exercises for advanced and emerging market countries; multilateral exchange rate surveillance, including the work of CGER, the Fund’s Consultative Group of Exchange Rates, and EBA, the External Balance Assessment; international financial architecture and reform of the IMF’s lending toolkit; capital account management (capital controls and prudential tools to manage capital inflows) and financial globalization issues; fiscal sustainability issues; and the nexus between income inequality and economic growth. Past positions include leading the division that produces the IMF’s flagship multilateral surveillance publication, the World Economic Outlook, and leading country teams on Australia, Japan, New Zealand, and Singapore. Mr. Ostry is the author of a number of books on international macro policy issues, including, Taming the Tide of Capital Flows (MIT Press, 2017), and Confronting Inequality (Columbia University Press, 2018) and numerous articles in scholarly journals. His work has been widely cited in print and electronic media, including the BBC, the Economist, the Financial Times, the Wall Street Journal, the New York Times, the Washington Post, Business Week, and National Public Radio. His work on inequality and unsustainable growth has also been cited in remarks made by President Barack Obama. He earned his B.A. (with distinction) from Queen's University (Canada) at age 18, and went on to earn a B.A. and M.A. from Oxford University (Balliol College), and graduate degrees from the London School of Economics (M.Sc., 1984) and the University Chicago (Ph.D., 1988). He is listed in Who's Who in Economics (2003).
Email: jostry@imf.org
Education:
Ph.D., Economics, University of Chicago, 1988
M.A., Oxford University, 1988
M.Sc., Economics, London School of Economics, 1984
B.A., Philosophy, Politics and Economics, Oxford University, 1983
B.A. (with Distinction), Economics, Queen’s University, 1981
Previous Experience:
International Monetary Fund, Research Department:
Deputy Director, Research Department, 2006-
Senior Advisor, Research Department, 2004-06
Assistant Director (headed the World Economic Studies division which produces the semi-
annual World Economic Outlook), 2002-03
International Monetary Fund, Asia and Pacific Department:
Assistant Director/Division Chief/Advisor, 1998-2002 (led country teams on Japan, Australia, Singapore, New Zealand)
Deputy Division Chief/Senior Economist (Thailand desk), 1995–98
International Monetary Fund, Research and European Departments:
Economist (RES), 1988-89 & 1990-95, Economist (EUR), 1989–90
University of Chicago: Department of Economics, Instructor, 1987–88
Professional Activities:
Member of the World Economic Forum Global Agenda/Global Future Councils on Inclusive Growth/Social Inclusion/Economic Progress; Member of the Advisory Board of the World Economic Forum's Global Risks Report
Awards and Honors:
IMF Recognition Award for work on Management of Capital Flows, 2013
IMF Recognition Award for the Reform of Nonconcessional Financing Facilities, 2010
Listed in Who's Who in Economics, 2003
Pew Fellow, Department of Economics, University of Chicago, 1986–88
University of Chicago Doctoral Fellowships, 1984–88
Social Sciences and Humanities Research Council of Canada Doctoral Fellowships, 1984–88
Mackenzie King Fellowship, University of Chicago, 1984
Commonwealth Scholarship, London School of Economics, 1983–84
Commonwealth Scholarship, Oxford University, 1981–83
Undergraduate Medallist, Queen’s University, 1981
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IMF Books and Working Papers:
Initial Output Losses from the Covid-19 Pandemic: Robust Determinants, Working Paper No. 2021/018, January 29, 2021
The Economic Effects of COVID-19 Containment Measures, Working Paper No. 20/158, August 07, 2020
IMF Survey Articles
Who’s Driving Financial Globalization?, IMF Survey Magazine, August 2007
Putting Financial Globalization to Work, IMF Survey Magazine, August 2007
iMFdirect Blog Posts
Economic Gains from Gender Inclusion: Even Greater than you Thought (with Christine Lagarde)
All Hands on Deck: Confronting the Challenges of Capital Flows, IMF Direct, August 2017
F&D articles
Growth and Inclusion? With the Right Policies, Countries Can Pursue Both Objectives, Finance and Development, June 2018
Neoliberalism: Oversold? with co-authors, Finance and Development, June 2016
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Books
Confronting Inequality: How Societies Can Choose Inclusive Growth, co-authored, with Foreword by Joe Stiglitz, (Columbia University Press) 2018.
Sovereign GDP-Linked Bonds: Rationale and Design, with Robert Shiller (eds.), 2018 (CEPR Press).
Publications in Journals (Refereed)
A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies (co-authored with Maurice Obstfeld and Mahvash Qureshi), Review of Economics and Statistics, 2019 (forthcoming)
Redistribution, Inequality, and Growth: New Evidence (co-authored), Journal of Economic Growth, Vol. 23, pp. 259-305, September 2018
Publications in Books and Conference Volumes
Managing Capital Flows: Toward a Policy Vademecum, in Currencies, Capital, and Central Bank Balances, John B. Taylor, editor (Hoover Institution/Stanford University Press), 2019, forthcoming
Are New Economic Policy Rules Desirable to Mitigate Rising National Inequalities (co-authored), in International Policy Rules and Inequality: Implications for Global Economic Governance, edited by Jose Antonio Ocampo (Columbia University Press, New York), 2018
Other Published Materials
The Macroeconomic Benefits of Gender Diversity, with Christine Lagarde, VoxEU, 5 December, 2018
Sovereign GDP-Linked Bonds: Rationale and Design, with Robert Shiller, VoxEU, March 16, 2018

Jonathan D. Ostry is Deputy Director of the Research Department at the International Monetary Fund and a Research Fellow at the Center for Economic Policy Research (CEPR). His recent responsibilities include leading staff teams on: IMF-FSB Early Warning Exercises on global systemic macrofinancial risks; vulnerabilities exercises for advanced and emerging market countries; multilateral exchange rate surveillance, including the work of CGER, the Fund’s Consultative Group of Exchange Rates, and EBA, the External Balance Assessment; international financial architecture and reform of the IMF’s lending toolkit; capital account management (capital controls and prudential tools to manage capital inflows) and financial globalization issues; fiscal sustainability issues; and the nexus between income inequality and economic growth. Past positions include leading the division that produces the IMF’s flagship multilateral surveillance publication, the World Economic Outlook, and leading country teams on Australia, Japan, New Zealand, and Singapore. Mr. Ostry is the author of a number of books on international macro policy issues, including, Taming the Tide of Capital Flows (MIT Press, 2017), and Confronting Inequality (Columbia University Press, 2018) and numerous articles in scholarly journals. His work has been widely cited in print and electronic media, including the BBC, the Economist, the Financial Times, the Wall Street Journal, the New York Times, the Washington Post, Business Week, and National Public Radio. His work on inequality and unsustainable growth has also been cited in remarks made by President Barack Obama. He earned his B.A. (with distinction) from Queen's University (Canada) at age 18, and went on to earn a B.A. and M.A. from Oxford University (Balliol College), and graduate degrees from the London School of Economics (M.Sc., 1984) and the University Chicago (Ph.D., 1988). He is listed in Who's Who in Economics (2003).
Email: jostry@imf.org
Education:
Ph.D., Economics, University of Chicago, 1988
M.A., Oxford University, 1988
M.Sc., Economics, London School of Economics, 1984
B.A., Philosophy, Politics and Economics, Oxford University, 1983
B.A. (with Distinction), Economics, Queen’s University, 1981
Previous Experience:
International Monetary Fund, Research Department:
Deputy Director, Research Department, 2006-
Senior Advisor, Research Department, 2004-06
Assistant Director (headed the World Economic Studies division which produces the semi-
annual World Economic Outlook), 2002-03
International Monetary Fund, Asia and Pacific Department:
Assistant Director/Division Chief/Advisor, 1998-2002 (led country teams on Japan, Australia, Singapore, New Zealand)
Deputy Division Chief/Senior Economist (Thailand desk), 1995–98
International Monetary Fund, Research and European Departments:
Economist (RES), 1988-89 & 1990-95, Economist (EUR), 1989–90
University of Chicago: Department of Economics, Instructor, 1987–88
Professional Activities:
Member of the World Economic Forum Global Agenda/Global Future Councils on Inclusive Growth/Social Inclusion/Economic Progress; Member of the Advisory Board of the World Economic Forum's Global Risks Report
Awards and Honors:
IMF Recognition Award for work on Management of Capital Flows, 2013
IMF Recognition Award for the Reform of Nonconcessional Financing Facilities, 2010
Listed in Who's Who in Economics, 2003
Pew Fellow, Department of Economics, University of Chicago, 1986–88
University of Chicago Doctoral Fellowships, 1984–88
Social Sciences and Humanities Research Council of Canada Doctoral Fellowships, 1984–88
Mackenzie King Fellowship, University of Chicago, 1984
Commonwealth Scholarship, London School of Economics, 1983–84
Commonwealth Scholarship, Oxford University, 1981–83
Undergraduate Medallist, Queen’s University, 1981
IMF Books and Working Papers:
Initial Output Losses from the Covid-19 Pandemic: Robust Determinants, Working Paper No. 2021/018, January 29, 2021
The Economic Effects of COVID-19 Containment Measures, Working Paper No. 20/158, August 07, 2020
The Effect of Containment Measures on the COVID-19 Pandemic, Working Paper No. 20/159, August 07, 2020
The Political Costs of Reforms : Fear or Reality?, October 18, 2019
Macroeconomic Consequences of Tariffs, Working Paper No. 19/9, January 15, 2019
Economic Gains From Gender Inclusion : New Mechanisms, New Evidence, Staff Discussion Notes No. 18/06, October 08, 2018
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data, Working Paper No. 18/83, April 06, 2018
Boosting Fiscal Space : The Roles of GDP-Linked Debt and Longer Maturities, Departmental Paper No.18/04, March 14, 2018
Growth-Equity Trade-offs in Structural Reforms, Working Paper No. 18/5, January 05, 2018
Corporate Investment and the Real Exchange Rate, Working Paper No. 17/183, August 04, 2017
A Tie That Binds : Revisiting the Trilemma in Emerging Market Economies, Working Paper No. 17/130, June 08, 2017
Managing the Tide : How Do Emerging Markets Respond to Capital Flows?, Working Paper No. 17/69, March 27, 2017
Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence, Working Paper No. 15/226, October 23, 2015
When Should Public Debt Be Reduced?, Staff Discussion Notes No. 15/10, June 02, 2015
Redistribution, Inequality, and Growth, Staff Discussion Notes No. 14/2, February 17, 2014
Exchange Rate Management and Crisis Susceptibility: A Reassessment, Working Paper No. 14/11, January 24, 2014
Obstacles to International Policy Coordination, and How to Overcome Them, Staff Discussion Notes No. 13/11, December 12, 2013
Multilateral Aspects of Managing the Capital Account, Staff Discussion Notes No. 12/10, September 07, 2012
Two Targets, Two Instruments, Staff Discussion Notes No. 12/1, February 29, 2012
Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets since the 1980s, Working Paper No. 12/34, January 01, 2012
Inequality and Unsustainable Growth : Two Sides of the Same Coin?, Staff Discussion Notes No. 11/8, April 08, 2011
Managing Capital Inflows : What Tools to Use?, Staff Discussion Notes No. 11/6, April 05, 2011
Exchange Rate Regimes and the Stability of the International Monetary System, Occasional Paper No. 270, March 15, 2011
Fiscal Space, Staff Position Note No. 2010/11, September 01, 2010
Macrofinancial Linkages : Trends, Crises, and Policies, August 25, 2010
Capital Inflows, Staff Position Note No. 2010/4, February 19, 2010
Structural Reforms and Economic Performance in Advanced and Developing Countries, Occasional Paper No. 268, October 15, 2009
Coping with the Crisis: Policy Options for Emerging Market Countries : Policy Options for Emerging Market Countries, Staff Position Note No. 2009/8, April 23, 2009
Coping with the Crisis: Policy Options for Emerging Market Countries : Policy Options for Emerging Market Countries, Staff Position Note No. 2009/8, April 23, 2009
Reaping the Benefits of Financial Globalization, Occasional Paper No. 264, December 16, 2008
A Theory of International Crisis Lending and IMF Conditionality, Working Paper No. 08/236, October 01, 2008
Exchange Rate Assessments : CGER Methodologies, Occasional Paper No. 261, April 07, 2008
What Makes Growth Sustained?, Working Paper No. 08/59, March 01, 2008
Country Insurance : The Role of Domestic Policies, Occasional Paper No. 254, April 10, 2007
The Prospects for Sustained Growth in Africa, Working Paper No. 07/52, March 01, 2007
International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?, Working Paper No. 07/56, March 01, 2007
Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A "Fan-Chart" Approach, Working Paper No. 06/67, March 01, 2006
Strengthening IMF Crisis Prevention, Working Paper No. 05/206, November 01, 2005
Primary Surpluses and sustainable Debt Levels in Emerging Market Countries, Policy Discussion Paper No. 05/6, October 01, 2005
Does Excess Liquidity Pose a Threat in Japan?, Policy Discussion Paper No. 05/5, April 01, 2005
Japan's Lost Decade : Policies for Economic Revival, February 13, 2003
Current Account Imbalances in ASEAN Countries - Are they a Problem?, Working Paper No. 97/51, April 01, 1997
Does the Exchange Regime Matter for Inflation and Growth?, Economic Issues No. 2, September 12, 1996
Macroeconomic Shocks and Trade Flows Within Sub-Saharan Africa: Implications for Optimum Currency Arrangements, Working Paper No. 95/142, December 01, 1995
Does the Nominal Exchange Rate Regime Matter?, Working Paper No. 95/121, November 01, 1995
Saving Behavior in Low- and Middle -Income Developing Countries: A Comparison, Working Paper No. 95/3, January 01, 1995
Household Saving in France: Stochastic Income and Financial Deregulation, Working Paper No. 94/136, November 01, 1994
Economic Reform and Structural Adjustment in East European Industry, Working Paper No. 94/80, June 01, 1994
Export Instability and the External Balance in Developing Countries, Working Paper No. 94/8, January 01, 1994
Selective Government Interventions and Economic Growth - A Survey of the Asian Experience and its Applicability to New Zealand, Papers on Policy Analysis and Assessment No. 93/17, November 02, 1993
Is the Parallel Market Premium a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries, Working Paper No. 93/70, August 01, 1993
Do Capital Flows Reflect Economic Fundamentals in Developing Countries?, Working Paper No. 93/34, April 01, 1993
Real Exchange Rate Targeting in Developing Countries, Papers on Policy Analysis and Assessment No. 93/2, February 08, 1993
Structural and Macroeconomic Determinants of the Output Decline in Poland: 1990-91, Working Paper No. 92/86, October 01, 1992
Macroeconomic Uncertainty, Precautionary Savings and the Current Account, Working Paper No. 92/72, September 01, 1992
External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule, Working Paper No. 92/75, September 01, 1992
The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania, Working Paper No. 92/59, July 01, 1992
Private Saving and Terms of Trade Shocks: Evidence from Developing Countries, Working Paper No. 91/100, October 01, 1991
Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor?, Working Paper No. 91/68, July 01, 1991
Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries, Working Paper No. 91/29, March 01, 1991
Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing Countries, Working Paper No. 91/3, January 01, 1991
IMF Survey Articles
Who’s Driving Financial Globalization?, IMF Survey Magazine, August 2007
Putting Financial Globalization to Work, IMF Survey Magazine, August 2007
iMFdirect Blog Posts
Economic Gains from Gender Inclusion: Even Greater than you Thought (with Christine Lagarde)
All Hands on Deck: Confronting the Challenges of Capital Flows, IMF Direct, August 2017
The IMF’s Work on Inequality: Bridging Research and Reality, IMF Direct, February 2017
Are Capital Flows Expansionary or Contractionary? It Depends What Kind, with Olivier Blanchard, IMF Direct, December 2015
When is Repaying Public Debt Not of the Essence? IMF Direct, June 2015
Managing Capital Flows in Frontier Economies, IMF Direct, April 2015
Treating Inequality with Redistribution: Is the Cure Worse than the Disease? IMF Direct, February 2014
International Policy Coordination: The Loch Ness Monster, with Olivier Blanchard and Atish Ghosh, IMF Direct, December 2013
Capital Controls: When Are Multilateral Considerations of the Essence? IMF Direct, September 2012
The Case for a Managed Float under Inflation Targeting, IMF Direct, February 2012
Warning! Inequality May Be Hazardous to Your Growth, IMF Direct, April 2011
Watch This (Fiscal) Space: Assessing Room for Fiscal Maneuver in Advanced Countries, IMF Direct, September 2010
F&D articles
Growth and Inclusion? With the Right Policies, Countries Can Pursue Both Objectives, Finance and Development, June 2018
Neoliberalism: Oversold? with co-authors, Finance and Development, June 2016
Measure to Measure, Finance and Development, September 2014
Equality and Efficiency: Trade-off or Win-win? Finance and Development, September 2011
Choosing an Exchange Rate Regime, Finance and Development, December 2009
Anticipating the Next Crisis, Finance and Development, September 2009
Levers for Growth: Policy Lessons from Earlier Bouts of Growth in Developing Countries, with Simon Johnson and Arvind Subramanian, Finance and Development, March 2006
Saving and the Real Interest Rate in Developing Countries, with Carmen Reinhart, Finance and Development, December 1995
Are Growth Strategies in East Asia Relevant for New Zealand? Finance and Development, March 1994
Review of On Exchange Rates by Jeffrey A. Frankel, Finance and Development, December, 1993
Targeting the Real Exchange Rate in Developing Countries, Finance and Development, March 1993
Review of Macroeconomic Policy by Robert J. Barro, Finance and Development, March 1991
Books
Confronting Inequality: How Societies Can Choose Inclusive Growth, co-authored, with Foreword by Joe Stiglitz, (Columbia University Press) 2018.
Sovereign GDP-Linked Bonds: Rationale and Design, with Robert Shiller (eds.), 2018 (CEPR Press).
Taming the Tide of Capital Flows: A Policy Guide, with Atish R. Ghosh and Mahvash S. Qureshi, (MIT Press) 2017.
Capital Controls, with Atish Ghosh and Mahvash Qureshi (eds.), 2015 (Edward Elgar Publishing).
Macro-Financial Linkages, with Simon Johnson (eds.), 2010 (International Monetary Fund).
Japan's Lost Decade: Policies for Economic Revival, with Tim Callen (eds.), 2003 (International Monetary Fund).
Exercises in Intertemporal Open Economy Macroeconomics, Second Edition, with Thomas Krueger and Chi-Wa Yuen (MIT Press, 1996).
Exercises in Intertemporal Open Economy Macroeconomics, with Thomas Krueger (MIT Press, 1993).
Publications in Journals (Refereed)
A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies (co-authored with Maurice Obstfeld and Mahvash Qureshi), Review of Economics and Statistics, 2019 (forthcoming)
Redistribution, Inequality, and Growth: New Evidence (co-authored), Journal of Economic Growth, Vol. 23, pp. 259-305, September 2018
Managing Capital Outflows with Limited Reserves (co-authored), IMF Economic Review, Vol. 66(2), pp. 333-374, June 2018
Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets (co-authored with Maurice Obstfeld and Mahvash Qureshi), American Economic Review, Vol. 108(2), May 2018, pp. 499-504
Inequality and Unsustainable Growth: Two Sides of the Same Coin? (co-authored), 2017, IMF Economic Review, Vol. 65(4), pp. 792-815
Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence (co-authored with Olivier Blanchard, Atish Ghosh, and Marcos Chamon), IMF Economic Review, Vol. 65(3), pp. 563-585
Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets Since the 1980s (co-authored), 2017, IMF Economic Review, Vol. 65(2), pp. 308-364
Capital Flows: Expansionary or Contractionary? with co-authors, 2016, American Economic Review, Vol. 106, No. 5, pp. 565-569
When Do Capital Inflow Surges End in Tears? with co-authors, 2016, American Economic Review, Vol. 106, No. 5, pp. 581-585
On the Obstacles to International Policy Coordination, with co-author, 2016, Journal of International Money and Finance, pp. 25-40
Two Targets, Two Instruments: Monetary and Exchange Rate Policies in Emerging Market Economies, with co-authors, 2015, Journal of International Money and Finance, Vol. 60, pp. 172-196
Exchange Rate Management and Crisis Susceptibility: A Reassessment, with co-authors, 2015, IMF Economic Review, Vol. 63, No. 1, pp. 238-276
Inequality and the Duration of Growth, 2015, European Journal of Economics and Economic Policies, Vol. 12, No. 2, pp. 147-157
Accounting for Emerging Market Countries’ International Reserves: Are Pacific Rim Countries Different? with co-authors, 2014, Journal of International Money and Finance, Vol. 49, pp. 52–82
Fiscal Space and Sovereign Risk Pricing in a Currency Union, with co-authors, 2013, Journal of International Money and Finance, Vol. 34, pp. 131–163
Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies, with co-authors, 2012, Economic Journal, Vol. 123, No. 566, pp. 4-30
Tools for Managing Financial-Stability Risks from Capital Inflows, with co-authors, 2012, Journal of International Economics, Vol. 88, No. 2, pp. 407–421
What Makes Growth Sustained? with co-authors, 2012, Journal of Development Economics, Vol. 98, No. 2, pp. 149–166
Managing Capital Flows, 2012, Asian Development Review, Vol. 29, No. 1, pp. 82–88
Capital Controls: When and Why? with co-authors, 2011, IMF Economic Review, Vol. 59, No. 3, pp. 562-580
IMF Policy Advice to Emerging Market Economies during the 2008-2009 Crisis: New Fund or New Fundamentals? with co-authors, 2011, Journal of International Commerce, Economics and Policy, Vol. 2, No. 1, pp. 1–17
Prospects for Sustained Growth in Africa: Benchmarking the Constraints, with Simon Johnson and Arvind Subramanian, 2010, IMF Staff Papers, Vol. 57, No. 1, pp. 119–171
Conseils aux Pays Emergents Sur La Crise Actuelle: Quoi de Neuf? Qu’est-ce qui a Changé? Pourquoi? with co-authors, 2009, Revue d’Économie Financière, No. 95, pp. 307–323
International Evidence on Fiscal Solvency: Is Fiscal Policy Responsible? with Enrique Mendoza, 2008, Journal of Monetary Economics, Vol. 55, No. 6, pp. 1081–1093
Primary Surplus Behavior and Risks to Fiscal Sustainability in Emerging Market Countries: A ‘Fan-Chart’ Approach, with co-authors, 2006, IMF Staff Papers, Vol. 53, No. 3, pp. 401–425
Does Excess Liquidity Pose a Threat in Japan? with Gauti Eggertsson, Federal Reserve Bank of New York Economic Policy Review, 2006
Macroeconomic Uncertainty, Precautionary Saving, and the Current Account, with co-author, 1997, Journal of Monetary Economics, Vol. 40, No. 1, pp. 121–139
Macroeconomic Shocks and Trade Flows within Sub-Saharan Africa: Implications for Optimum Currency Arrangements, with co-author, 1997, Journal of African Economies, Vol. 6, No. 3, pp. 412–444
Accounting for China’s Growth Performance, with co-author, 1996, American Economic Review, Vol. 86, No. 2, pp. 224–228
Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison, with Carmen Reinhart and Masao Ogaki, 1996, IMF Staff Papers, Vol. 43, No. 1, pp. 38–71
The Current Account in Developing Countries: A Perspective from the Consumption-Smoothing Approach, with co-author, 1995, World Bank Economic Review, Vol. 9, No. 2, pp. 305–333
Household Saving in France: Stochastic Income and Financial Deregulation, with Joaquim Levy, 1995, IMF Staff Papers, Vol. 42, No. 2, pp. 375–397. Reprinted in France: Financial and Real Sector Issues, ed., Paul R. Masson, 1995 (International Monetary Fund)
Export Instability and the External Balance in Developing Countries, with co-author, 1994, IMF Staff Papers, Vol. 41, No. 2, pp. 214–235
Government Purchases and Relative Prices in a Two-Country World, 1994, Economic Record, Vol. 70, No. 209, pp. 149–61
The Parallel Market Premium: Is It a Reliable Indicator of Real Exchange Rate Misalignment in Developing Countries? with co-author, 1994, IMF Staff Papers, Vol. 41, No. 1, pp. 55–75
An Empirical Analysis of the Output Decline in Three Eastern European Countries, with co-author, 1993, IMF Staff Papers, Vol. 40, No. 1, pp. 1–31
Private Saving and Terms of Trade Shocks: Evidence from the Developing Countries, with Carmen M. Reinhart, 1992, IMF Staff Papers, Vol. 39, No. 3, pp. 495–517
Response of the Equilibrium Real Exchange Rate to Real Disturbances in Developing Countries, with co-author, 1992, World Development, Vol. 20, No. 9, pp. 1325–1334
Trade Restrictions with Imported Intermediate Inputs: A Comment, Journal of Development Economics, 1992, Vol. 38, No. 2, pp. 403–405
Real Exchange Rate Targeting Under Capital Controls: Can Money Provide a Nominal Anchor? with co-author, 1992, IMF Staff Papers, Vol. 39, No. 1, pp. 58–78
An Empirical Evaluation of the Macroeconomic Effects of Tariffs, with Andrew K. Rose, 1992, Journal of International Money and Finance, Vol. 11, No. 1, pp. 63–79
Terms of Trade Disturbances, Real Exchange Rates, and Welfare: The Role of Capital Controls and Labor Market Distortions, with Sebastian Edwards, 1992, Oxford Economic Papers, Vol. 44, No. 1, pp. 20–34
Macroeconomic Implications of Real Exchange Rate Targeting in Developing Countries, with co-author, 1991, IMF Staff Papers, Vol. 38, No. 4, pp. 872–900
Trade Liberalization in Developing Countries: Initial Trade Distortions and Imported Intermediate Inputs, 1991, IMF Staff Papers, Vol. 38, No. 3, pp. 447–479
Tariffs, Real Exchange Rates, and the Trade Balance in a Two-Country World, 1991, European Economic Review, Vol. 35, No. 5, pp. 1127–1142
Anticipated Protectionist Policies, Real Exchange Rates and the Current Account, with Sebastian Edwards, 1990, Journal of International Monetary and Finance, Vol. 9, No. 2, pp. 206–219
Tariffs and the Current Account: The Role of Initial Distortions, 1990, Canadian Journal of Economics, Vol. 23, No. 2, pp. 348–356
The Balance of Trade, Terms of Trade, and Real Exchange Rate: An Intertemporal Optimizing Framework, 1988, IMF Staff Papers, Vol. 35, No. 4, pp. 541–573. Reprinted in Monetaria, July-September 1989
Publications in Books and Conference Volumes
Managing Capital Flows: Toward a Policy Vademecum, in Currencies, Capital, and Central Bank Balances, John B. Taylor, editor (Hoover Institution/Stanford University Press), 2019, forthcoming
Are New Economic Policy Rules Desirable to Mitigate Rising National Inequalities (co-authored), in International Policy Rules and Inequality: Implications for Global Economic Governance, edited by Jose Antonio Ocampo (Columbia University Press, New York), 2018
Managing the Exchange Rate in the Face of Volatile Capital Flows, pp. 129-147 in Contemporary Issues in Macroeconomics: Lessons from the Crisis and Beyond, edited by Joseph E. Stiglitz and Martin Guzman (Palgrave MacMillan, 2016)
Inequality and the Fragility of Growth, in Issues in Inequality, edited by Joseph Stiglitz and Kaushik Basu (Palgrave Macmillan, 2016)
Managing Capital Flows: Capital Controls and Foreign Exchange Intervention, in Taming Capital Flows: Capital Account Management in an Era of Globalization, edited by Joseph Stiglitz and Refet Gurkaynak (Palgrave Macmillan, 2015)
Capital Controls: When Are Multilateral Considerations of the Essence? In Managing Capital Flows edited by Bruno Carrasco, Subir Gokarn, and Hiranya Mukhopadhyay (Oxford University Press, 2014)
Commentary on “Macroprudential Policies in a Global Perspective” by Olivier Jeanne in Prospects for Asia and the Global Economy edited by Reuven Glick and Mark M. Spiegel (Federal Reserve Bank of San Francisco, 2013)
Managing Capital Inflows: Old and New Debates in The Great Recession: Lessons for Central Bankers , edited by Stanley Fischer et al. (MIT Press, 2013).
Good Money, Bad Money: The Effects of Large Capital Inflows and the Conditions Under Which Capital Controls Might Be Justified in Shaping Globalization—New Trends in Foreign Direct Investment (Verlag Bertelsmann, 2012).
Are Current Account Imbalances in ASEAN Countries a Problem? in Macroeconomic Issues Facing ASEAN Countries (International Monetary Fund, 1997).
Economic Reform and Structural Adjustment in Eastern Europe, with Eduardo Borensztein, in Trade and Payments in Transforming Economies of Central and Eastern Europe, edited by D. Salvatore (North Holland, 1996).
Common Causes or Structural Adjustment? Output Decline in Eastern Europe with Special Reference to Poland, with Eduardo Borensztein, in Output Decline in Eastern Europe: Unavoidable, External Influence or Homemade?, edited by Janos Gacs, Robert Holzmann and George Winkler (Kluwer Academic Press, 1995)
Output Decline in the Aftermath of Reform: Bulgaria, Czechoslovakia, and Romania, with Eduardo Borensztein and Dimitri Demekas, in Eastern Europe in Transition: From Recession to Growth? (World Bank, 1994) edited by Guillermo Calvo and Alan Gelb.
External Shocks and Inflation under a Real Exchange Rate Rule, with Peter Montiel, in The Exchange Rate and the Economy (Bank of Canada, 1993)
Other Published Materials
The Macroeconomic Benefits of Gender Diversity, with Christine Lagarde, VoxEU, 5 December, 2018
Sovereign GDP-Linked Bonds: Rationale and Design, with Robert Shiller, VoxEU, March 16, 2018
Growth-Equity Trade-Offs in Structural Reforms, VoxEU, February 19, 2018
Inclusive Growth or Else, with co-authors, Project Syndicate, February 5, 2018
A New Narrative on Income Inequality and Growth, Policy Options (Institute for Research on Public Policy), October 27, 2017
Making Globalisation More Inclusive: A Way Forward, with co-authors, VoxEU, October 17, 2017
Trilemma Redux: Evidence from Emerging Market Economies, with co-authors, VoxEU, August 11, 2017
Policy Responses to Capital Flows in Emerging Markets: Some New Evidence, with co-authors, VoxEU, May 12, 2017
Macro Effects of Capital Inflows: Capital Type Matters, with co-authors, VoxEu, November 26, 2015.
Don’t Sweat the Debt if Fiscal Space is Ample, with co-authors, VoxEU, June 22, 2015
Managing the Exchange Rate, with co-authors, VoxEU, April 2, 2014
Redistribution, Inequality, and Sustainable Growth, with co-authors, VoxEU, March 6, 2014
We Do Not Have to Live with the Scourge of Inequality, Financial Times Op-Ed, March 3, 2014
Obstacles to International Macro Policy Coordination, with Olivier Blanchard and Atish Ghosh, VoxEU, December 20, 2013
The Multilateral Approach to Capital Controls, with Olivier Blanchard, VoxEU, December 11, 2012
Are Concerns About Spillovers from Policies that Affect Capital Flows Overdone? Financial Times, October 2, 2012
On Inflation Targeting and Forex Intervention: Are Two Targets Better Than One? VoxEU, May 27, 2012
Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets since the 1980s, VoxEU, February 6, 2012
Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies, with co-authors, 2011, NBER Working Paper 16782
How Inequality Damages Economies, with co-author, Foreign Affairs, January 2012
Are there 'Intelligent' Capital Controls?, East Asia Forum, June 2011
Fiscal Space in Advanced Countries, with Atish Ghosh and Enrique Mendoza, VoxEU, March 8, 2011
Instability from Rigidity: Dealing with the Risks to Global Growth, with Simon Johnson, Japan Times, February 2008
Surviving the Great Capital Flood, with Simon Johnson, Project Syndicate, November 2007
Does the Nominal Exchange Rate Regime Matter? with co-authors, 1997, NBER Working Paper 5874
Selective Government Interventions and Economic Growth—A Survey of the Asian Experience and its Applicability to New Zealand, 1993, Papers on Policy Analysis and Assessment No. 93/17
Real Exchange Rate Targeting in Developing Countries, 1993, Papers on Policy Analysis and Assessment No. 93/2