Jay C. Shambaugh

Jay C. Shambaugh
Professor of Economics and International Affairs
Elliot School of International Affairs Suite 502D
[email protected]
IIEP Website

Areas of Expertise

International macroeconomics



Professor Shambaugh is currently serving on the Council of Economic Advisors to President Obama.

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, and the current crisis in the euro area. Prior to joining the faculty at George Washington, Shambaugh taught at Georgetown and Dartmouth and served as first Senior Economist for International Economics and then Chief Economist at the White House Council of Economic Advisers. He is also a Faculty Research Fellow at the NBER and 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.


Ph.D. Economics, University of California at Berkeley; MALD. Fletcher School of Law and Diplomacy, Tufts University; B.A. Yale University


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 and the Washington Post, as well as on numerous economics blogs.

Classes Taught

Professor Shambaugh will teach Econ 8383 International Financial Markets (PhD), Econ 6284 Survey of International Macroeconomics and Finance Theory and Policy (Masters), and Econ 2182 International macroeconomic theory and policy (undergraduate) in the 2012-3 academic year.  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.