Jay C. Shambaugh

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Jay C. Shambaugh

Professor of Economics and International Affairs; Co-Director of the Institute for International Economic Policy (IIEP)



Office Phone: (202) 994-9208

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.

International macroeconomics

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.

In addition to his book, Exchange Rate Regimes in the Modern Era (MIT Press, 2009), Professor Shambaugh has published in The American Economic Review, The Quarterly Journal of Economics, The Review of Economics and Statistics, The Journal of International Economics, and other leading journals. His research has been featured in the press including the Economist, The New York Times, The Wall Street Journal, and the Washington Post, as well as on numerous economics blogs. He has also edited four policy related books: Revitalizing Wage Growth; Place-Based Policies for Shared Economic Growth; Recession Ready; and Tackling the Tax Code; all available via the Hamilton Project at Brookings.