About
Jay C. Shambaugh is Professor of Economics and International Affairs at George Washington University, jointly appointed in the Department of Economics and the Elliott School of International Affairs. He is Co-Director of the Institute for International Economic Policy (IIEP) and has previously served as Director of the Hamilton Project at the Brookings Institution. He is also a Faculty Research Fellow at the National Bureau of Economic Research (NBER) and a Non-Resident Senior Fellow in Economic Studies at the Brookings Institution.
Education:
- Ph.D. in Economics, University of California, Berkeley
- M.A., Fletcher School of Law and Diplomacy, Tufts University
- B.A., Yale University
Professor Shambaugh's research lies at the intersection of macroeconomics and international economics. His work explores the interplay between exchange rate regimes, monetary policy, capital flows, and trade dynamics. He has extensively studied international reserves, currency exposures in national balance sheets, fiscal policy spillovers across countries, the euro area crisis, and regional economic disparities. His expertise also extends to competition policy, energy and environment policy, housing, finance, and technology.
His recent publications reflect a strong focus on fiscal policy design, global growth dynamics, and the evolution of current account imbalances, particularly in Europe. Articles such as 'Rethinking Fiscal Policy' and 'The Rise and Fall of European Current Account Deficits' demonstrate his engagement with pressing policy issues. His longstanding research on the 'trilemma' in international macroeconomics has been foundational, with multiple publications analyzing its historical and contemporary manifestations.
Scientific Awards and Affiliations:
- Faculty Research Fellow, National Bureau of Economic Research (NBER)
- Non-Resident Senior Fellow, Economic Studies, Brookings Institution
- Former Member, White House Council of Economic Advisers (2015–2017)
- Former Chief Economist, Council of Economic Advisers
- Former Director, The Hamilton Project, Brookings Institution
Professor Shambaugh has held significant advisory and leadership roles in public policy. He served as a Member of the White House Council of Economic Advisers from 2015 to 2017, and earlier as Senior Economist and then Chief Economist on the CEA staff. He directed the Hamilton Project for three years, where he co-edited influential policy volumes on wage growth, tax reform, recession preparedness, and place-based economic development. He has received research support through affiliations with the IMF, where he was a visiting scholar, and through NBER working papers. His research has been widely cited and featured in major media outlets including The New York Times, The Wall Street Journal, The Economist, and The Washington Post.
He has taught a range of courses including PhD-level International Financial Markets (Econ 8383), master’s-level Survey of International Macroeconomics and Finance, and undergraduate courses in international macroeconomic theory and policy. He has also taught on financial markets and public policy during crises. He leads the Shambaugh Exchange Rate Regime Classification project, providing valuable data for researchers.
