Details about Joseph E. Gagnon

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Homepage:	http://www.piie.com/staff/author_bio.cfm?author_id=653
Workplace:	Peter G. Peterson Institute for International Economics (IIE), (more information at EDIRC)

Access statistics for papers by Joseph E. Gagnon.

Last updated 2023-02-24. Update your information in the RePEc Author Service.

Short-id: pga415

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Working Papers

2025

1. Why did inflation rise and fall so rapidly? Lessons from the Korean War
   Working Paper Series, Peterson Institute for International Economics

2024

2. The trinity of COVID era inflation in G7 economies
   Working Paper Series, Peterson Institute for International Economics

2023

3. How did Korea's fiscal accounts fare during the COVID-19 pandemic?
   Policy Briefs, Peterson Institute for International Economics

2022

4. 25 years of excess unemployment in advanced economies: Lessons for monetary policy
   Working Paper Series, Peterson Institute for International Economics

2021

5. Dollar Not So Dominant: Dollar Invoicing Has Only a Small Effect on Trade Prices
   Working Paper Series, Peterson Institute for International Economics View citations (2)
6. Economic costs and benefits of accelerated COVID-19 vaccinations
   Policy Briefs, Peterson Institute for International Economics
7. Fiscal and exchange rate policies drive trade imbalances: New estimates
   Working Paper Series, Peterson Institute for International Economics View citations (3)
8. Low Inflation Bends the Phillips Curve around the World
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
   Also in Working Paper Series, Peterson Institute for International Economics (2020) View citations (6)
9. Low inflation bends the Phillips curve around the world: Extended results
   Working Paper Series, Peterson Institute for International Economics View citations (20)

2020

10. Central bank policy sets the lower bound on bond yield
    Working Paper Series, Peterson Institute for International Economics
11. Taming the US trade deficit: A dollar policy for balanced growth
    Policy Briefs, Peterson Institute for International Economics

2019

12. Are Central Banks Out of Ammunition to Fight a Recession? Not Quite
    Policy Briefs, Peterson Institute for International Economics View citations (4)
13. Low Inflation Bends the Phillips Curve
    Working Paper Series, Peterson Institute for International Economics View citations (21)

2018

14. Can a Country Save Too Much? The Case of Norway
    Policy Briefs, Peterson Institute for International Economics View citations (1)
15. QE: A User's Guide
    Policy Briefs, Peterson Institute for International Economics View citations (2)

2017

16. Do Governments Drive Global Trade Imbalances?
    Working Paper Series, Peterson Institute for International Economics View citations (7)
17. Effects of Consumption Taxes on Real Exchange Rates and Trade Balances
    Working Paper Series, Peterson Institute for International Economics View citations (10)
18. Unconventional Monetary and Exchange Rate Policies
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)

2016

19. Quantitative Easing: An Underappreciated Success
    Policy Briefs, Peterson Institute for International Economics View citations (37)

2014

20. Alternatives to Currency Manipulation: What Switzerland, Singapore, and Hong Kong Can Do
    Policy Briefs, Peterson Institute for International Economics
21. Internationalization of the Renminbi: The Role of Trade Settlement
    Policy Briefs, Peterson Institute for International Economics View citations (4)
22. Monetary Policy with Abundant Liquidity: A New Operating Framework for the Fed
    Policy Briefs, Peterson Institute for International Economics View citations (35)
23. Official Financial Flows, Capital Mobility, and Global Imbalances
    Working Paper Series, Peterson Institute for International Economics View citations (5)
    See also Journal Article Official financial flows, capital mobility, and global imbalances, Journal of International Money and Finance, Elsevier (2015) View citations (36) (2015)

2013

24. Lehman Died, Bagehot Lives: Why Did the Fed and Treasury Let a Major Wall Street Bank Fail?
    Policy Briefs, Peterson Institute for International Economics View citations (8)
25. Stabilizing Properties of Flexible Exchange Rates: Evidence from the Global Financial Crisis
    Policy Briefs, Peterson Institute for International Economics View citations (6)
26. The Elephant Hiding in the Room: Currency Intervention and Trade Imbalances
    Working Paper Series, Peterson Institute for International Economics View citations (21)

2012

27. Combating Widespread Currency Manipulation
    Policy Briefs, Peterson Institute for International Economics View citations (23)
28. Currency Manipulation, the US Economy, and the Global Economic Order
    Policy Briefs, Peterson Institute for International Economics View citations (35)
29. Global Imbalances and Foreign Asset Expansion by Developing Economy Central Banks
    Working Paper Series, Peterson Institute for International Economics View citations (27)
    See also Chapter Global imbalances and foreign asset expansion by developing-economy central banks, BIS Papers chapters, Bank for International Settlements (2012) View citations (21) (2012)

2011

30. Current Account Imbalances Coming Back
    Working Paper Series, Peterson Institute for International Economics View citations (37)

2010

31. Large-scale asset purchases by the Federal Reserve: did they work?
    Staff Reports, Federal Reserve Bank of New York View citations (99)
    See also Journal Article Large-scale asset purchases by the Federal Reserve: did they work?, Economic Policy Review, Federal Reserve Bank of New York (2011) View citations (242) (2011)

2009

32. Currency crashes in industrial countries: much ado about nothing?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
33. The World Needs Further Monetary Ease, Not an Early Exit
    Policy Briefs, Peterson Institute for International Economics View citations (4)

2007

34. Exchange rate pass-through to export prices: assessing some cross-country evidence
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (20)
35. What can the data tell us about carry trades in Japanese yen?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (30)

2006

36. Predicting sharp depreciations in industrial country exchange rates
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (4)

2005

37. Currency Crashes and Bond Yields in Industrial Countries
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (7)
    See also Journal Article Currency crashes and bond yields in industrial countries, Journal of International Money and Finance, Elsevier (2009) View citations (8) (2009)
38. Exchange rate pass-through to U.S. import prices: some new evidence
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (117)

2004

39. Growth-led exports: is variety the spice of trade?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (6)

2003

40. Long-run supply effects and the elasticities approach to trade
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (18)
41. Productive capacity, product varieties, and the elasticities approach to the trade balance
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (18)
    See also Journal Article Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance, Review of International Economics, Wiley Blackwell (2007) View citations (11) (2007)
42. The effect of exchange rates on prices, wages, and profits: a case study of the United Kingdom in the 1990s
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
    See also Journal Article The effect of exchange rates on prices, wages, and profits: A case study of the United Kingdom in the 1990s, International Economic Journal, Taylor & Francis Journals (2006) (2006)

2002

43. International coordination of macroeconomic policies: still alive in the new millennium?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (8)
44. Preventing deflation: lessons from Japan's experience in the 1990s
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (25)

2001

45. Monetary policy and exchange rate pass-through
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (132)

1997

46. Inflation Regimes and Inflation Expectations
    RBA Research Discussion Papers, Reserve Bank of Australia View citations (3)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1997) View citations (11)
    See also Journal Article Inflation regimes and inflation expectations, Review, Federal Reserve Bank of St. Louis (2008) View citations (2) (2008)

1996

47. German unification: what have we learned from multi-country models?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (6)
    See also Journal Article German unification: What have we learned from multi-country models?, Economic Modelling, Elsevier (1996) View citations (9) (1996)
48. Long memory in inflation expectations: evidence from international expectations
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
49. Net foreign assets and equilibrium exchange rates: panel evidence
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (38)

1994

50. Understanding the empirical literature on purchasing power parity: the post-Bretton Woods era
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (24)
    See also Journal Article Understanding the empirical literature on purchasing power parity: the post-Bretton Woods era, Journal of International Money and Finance, Elsevier (1997) View citations (86) (1997)

1993

51. Is there a world real interest rate?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
    See also Journal Article Is there a world real interest rate?, Journal of International Money and Finance, Elsevier (1995) View citations (47) (1995)
52. Market Share and Exchange Rate Pass-Through in World Automobile Trade
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1993) View citations (7)
    Working Papers, California Davis - Institute of Governmental Affairs (1993) View citations (6)
    See also Journal Article Market share and exchange rate pass-through in world automobile trade, Journal of International Economics, Elsevier (1996) View citations (195) (1996)

1992

53. German unification and the European monetary system: a quantitative analysis
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
    See also Journal Article German unification and the European Monetary System: A quantitative analysis, Journal of Policy Modeling, Elsevier (1993) View citations (6) (1993)
54. How Pervasive is the Product Cycle? The Empirical Dynamics of American and Japanese Trade Flows
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    Also in Economics Working Papers, University of California at Berkeley (1991) View citations (1)
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1991)
    Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley (1991) View citations (1)
55. Markup Adjustment and Exchange Rate Fluctuations: Evidence From Panel Data on Automobile Exports
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    See also Journal Article Markup adjustment and exchange rate fluctuations: evidence from panel data on automobile exports, Journal of International Money and Finance, Elsevier (1995) View citations (151) (1995)
56. Stochastic behavior of the world economy under alternative policy regimes
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
57. Taxation and inflation: a new explanation for current account imbalances
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)

1990

58. Pricing to market in international trade: evidence from panel data on automobiles and total merchandise
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (8)
59. The global economic implications of German unification
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
60. Why hasn't trade grown faster than income? Inter-industry trade over the past century
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)

1989

61. A forward-looking multicountry model: MX3
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (10)
62. Exchange rate variability and the level of international trade
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (7)
    See also Journal Article Exchange rate variability and the level of international trade, Journal of International Economics, Elsevier (1993) View citations (93) (1993)
63. Savings rates and output variability in industrial countries
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)

1988

64. Adjustment costs and international trade dynamics
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (9)
    See also Journal Article Adjustment costs and international trade dynamics, Journal of International Economics, Elsevier (1989) View citations (30) (1989)
65. Nominal interest rate pegging under alternative expectations hypotheses
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
    See also Journal Article Nominal interest rate pegging under alternative expectations hypotheses, Proceedings, Board of Governors of the Federal Reserve System (U.S.) (1990) View citations (5) (1990)

Journal Articles

2017

1. Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies
   Open Economies Review, 2017, 28, (2), 191-232 View citations (20)

2015

2. Official financial flows, capital mobility, and global imbalances
   Journal of International Money and Finance, 2015, 52, (C), 146-174 View citations (36)
   See also Working Paper Official Financial Flows, Capital Mobility, and Global Imbalances, Working Paper Series (2014) View citations (5) (2014)

2011

3. Large-scale asset purchases by the Federal Reserve: did they work?
   Economic Policy Review, 2011, 17, (May), 41-59 View citations (242)
   See also Working Paper Large-scale asset purchases by the Federal Reserve: did they work?, Staff Reports (2010) View citations (99) (2010)
4. Michael W. Klein and Jay C. Shambaugh, Exchange Rate Regimes in the Modern Era, The MIT Press (2010)
   Journal of International Economics, 2011, 83, (2), 255-256
5. The Financial Market Effects of the Federal Reserve's Large-Scale Asset Purchases
   International Journal of Central Banking, 2011, 7, (1), 3-43 View citations (509)

2010

6. Currency Crashes in Industrial Countries: What Determines Good and Bad Outcomes?
   International Finance, 2010, 13, (2), 165-194 View citations (1)

2009

7. Currency crashes and bond yields in industrial countries
   Journal of International Money and Finance, 2009, 28, (1), 161-181 View citations (8)
   See also Working Paper Currency Crashes and Bond Yields in Industrial Countries, International Finance Discussion Papers (2005) View citations (7) (2005)
8. Exchange Rate Passthrough to Export Prices: Assessing Cross‐Country Evidence*
   Review of International Economics, 2009, 17, (1), 17-33 View citations (20)

2008

9. Growth-Led Exports: Implications for the Cross-Country Effects of Shocks to Potential Output
   The B.E. Journal of Macroeconomics, 2008, 8, (1), 30 View citations (3)
10. Inflation regimes and inflation expectations
    Review, 2008, 90, (May), 229-243 View citations (2)
    See also Working Paper Inflation Regimes and Inflation Expectations, RBA Research Discussion Papers (1997) View citations (3) (1997)

2007

11. Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance
    Review of International Economics, 2007, 15, (4), 639-659 View citations (11)
    See also Working Paper Productive capacity, product varieties, and the elasticities approach to the trade balance, International Finance Discussion Papers (2003) View citations (18) (2003)

2006

12. The effect of exchange rates on prices, wages, and profits: A case study of the United Kingdom in the 1990s
    International Economic Journal, 2006, 20, (2), 149-160
    See also Working Paper The effect of exchange rates on prices, wages, and profits: a case study of the United Kingdom in the 1990s, International Finance Discussion Papers (2003) (2003)

2004

13. Monetary policy and exchange rate pass-through This article is a U.S. Government work and is in the public domain in the U.S.A
    International Journal of Finance & Economics, 2004, 9, (4), 315-338 View citations (47)

2001

14. U.S. international transactions in 2000
    Federal Reserve Bulletin, 2001, 87, (May), 283-294

1997

15. Predicting external imbalances for the United States and Japan
    International Journal of Forecasting, 1997, 13, (2), 300-300
16. Understanding the empirical literature on purchasing power parity: the post-Bretton Woods era
    Journal of International Money and Finance, 1997, 16, (1), 1-17 View citations (86)
    See also Working Paper Understanding the empirical literature on purchasing power parity: the post-Bretton Woods era, International Finance Discussion Papers (1994) View citations (24) (1994)

1996

17. German unification: What have we learned from multi-country models?
    Economic Modelling, 1996, 13, (4), 467-497 View citations (9)
    See also Working Paper German unification: what have we learned from multi-country models?, International Finance Discussion Papers (1996) View citations (6) (1996)
18. Market share and exchange rate pass-through in world automobile trade
    Journal of International Economics, 1996, 40, (1-2), 187-207 View citations (195)
    See also Working Paper Market Share and Exchange Rate Pass-Through in World Automobile Trade, NBER Working Papers (1993) View citations (15) (1993)
19. Taxation and inflation: A new explanation for capital flows
    Journal of Monetary Economics, 1996, 38, (2), 303-330 View citations (17)

1995

20. Dynamic Persistence of Industry Trade Balances: How Pervasive Is the Product Cycle?
    Oxford Economic Papers, 1995, 47, (2), 229-48 View citations (26)
21. Is there a world real interest rate?
    Journal of International Money and Finance, 1995, 14, (6), 845-855 View citations (47)
    See also Working Paper Is there a world real interest rate?, International Finance Discussion Papers (1993) View citations (1) (1993)
22. Markup adjustment and exchange rate fluctuations: evidence from panel data on automobile exports
    Journal of International Money and Finance, 1995, 14, (2), 289-310 View citations (151)
    See also Working Paper Markup Adjustment and Exchange Rate Fluctuations: Evidence From Panel Data on Automobile Exports, NBER Working Papers (1992) View citations (10) (1992)

1993

23. Exchange rate variability and the level of international trade
    Journal of International Economics, 1993, 34, (3-4), 269-287 View citations (93)
    See also Working Paper Exchange rate variability and the level of international trade, International Finance Discussion Papers (1989) View citations (7) (1989)
24. German unification and the European Monetary System: A quantitative analysis
    Journal of Policy Modeling, 1993, 15, (4), 353-392 View citations (6)
    See also Working Paper German unification and the European monetary system: a quantitative analysis, International Finance Discussion Papers (1992) View citations (2) (1992)
25. Price and output stability under alternative monetary policy rules
    Proceedings, 1993 View citations (2)

1990

26. Nominal interest rate pegging under alternative expectations hypotheses
    Proceedings, 1990, 438-473 View citations (5)
    See also Working Paper Nominal interest rate pegging under alternative expectations hypotheses, International Finance Discussion Papers (1988) (1988)
27. Solving stochastic equilibrium models with the extended path method
    Economic Modelling, 1990, 7, (3), 251-257 View citations (5)
28. Solving the Stochastic Growth Model by Deterministic Extended Path
    Journal of Business & Economic Statistics, 1990, 8, (1), 35-36 View citations (24)

1989

29. Adjustment costs and international trade dynamics
    Journal of International Economics, 1989, 26, (3-4), 327-344 View citations (30)
    See also Working Paper Adjustment costs and international trade dynamics, International Finance Discussion Papers (1988) View citations (9) (1988)

1988

30. Short-Run Models and Long-Run Forecasts: A Note on the Permanence of Output Fluctuations
    The Quarterly Journal of Economics, 1988, 103, (2), 415-424 View citations (1)

Books

2017

1. Currency Conflict and Trade Policy: A New Strategy for the United States
   Peterson Institute Press: All Books, Peterson Institute for International Economics View citations (33)

2016

2. Reality Check for the Global Economy
   PIIE Briefings, Peterson Institute for International Economics

2014

3. Flirting with Default: Issues Raised by Debt Confrontations in the United States
   PIIE Briefings, Peterson Institute for International Economics View citations (2)

2011

4. Flexible Exchange Rates for a Stable World Economy
   Peterson Institute Press: All Books, Peterson Institute for International Economics View citations (17)
5. The Global Outlook for Government Debt over the Next 25 Years: Implications for the Economy and Public Policy
   Peterson Institute Press: All Books, Peterson Institute for International Economics View citations (9)

Chapters

2012

1. Global imbalances and foreign asset expansion by developing-economy central banks
   A chapter in Are central bank balance sheets in Asia too large?, 2012, vol. 66, pp 168-185 View citations (21)
   See also Working Paper Global Imbalances and Foreign Asset Expansion by Developing Economy Central Banks, Peterson Institute for International Economics (2012) View citations (27) (2012)
2. Long-Term Challenges for the Advanced Economies: Reducing Government Debt
   Chapter 8 in The World Economy After The Global Crisis A New Economic Order for the 21st Century, 2012, pp 173-208