Details about Joseph E. Gagnon
Access statistics for papers by Joseph E. Gagnon.
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Short-id: pga415
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Working Papers
2025
- Why did inflation rise and fall so rapidly? Lessons from the Korean War
Working Paper Series, Peterson Institute for International Economics
2024
- The trinity of COVID era inflation in G7 economies
Working Paper Series, Peterson Institute for International Economics
2023
- How did Korea's fiscal accounts fare during the COVID-19 pandemic?
Policy Briefs, Peterson Institute for International Economics
2022
- 25 years of excess unemployment in advanced economies: Lessons for monetary policy
Working Paper Series, Peterson Institute for International Economics
2021
- 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)
- Economic costs and benefits of accelerated COVID-19 vaccinations
Policy Briefs, Peterson Institute for International Economics
- Fiscal and exchange rate policies drive trade imbalances: New estimates
Working Paper Series, Peterson Institute for International Economics View citations (3)
- Low Inflation Bends the Phillips Curve around the World
NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
Also in Working Paper Series, Peterson Institute for International Economics (2020) View citations (6)
- Low inflation bends the Phillips curve around the world: Extended results
Working Paper Series, Peterson Institute for International Economics View citations (20)
2020
- Central bank policy sets the lower bound on bond yield
Working Paper Series, Peterson Institute for International Economics
- Taming the US trade deficit: A dollar policy for balanced growth
Policy Briefs, Peterson Institute for International Economics
2019
- Are Central Banks Out of Ammunition to Fight a Recession? Not Quite
Policy Briefs, Peterson Institute for International Economics View citations (3)
- Low Inflation Bends the Phillips Curve
Working Paper Series, Peterson Institute for International Economics View citations (19)
2018
- Can a Country Save Too Much? The Case of Norway
Policy Briefs, Peterson Institute for International Economics View citations (1)
- QE: A User's Guide
Policy Briefs, Peterson Institute for International Economics View citations (2)
2017
- Do Governments Drive Global Trade Imbalances?
Working Paper Series, Peterson Institute for International Economics View citations (7)
- Effects of Consumption Taxes on Real Exchange Rates and Trade Balances
Working Paper Series, Peterson Institute for International Economics View citations (10)
- Unconventional Monetary and Exchange Rate Policies
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
2016
- Quantitative Easing: An Underappreciated Success
Policy Briefs, Peterson Institute for International Economics View citations (37)
2014
- Alternatives to Currency Manipulation: What Switzerland, Singapore, and Hong Kong Can Do
Policy Briefs, Peterson Institute for International Economics
- Internationalization of the Renminbi: The Role of Trade Settlement
Policy Briefs, Peterson Institute for International Economics View citations (4)
- Monetary Policy with Abundant Liquidity: A New Operating Framework for the Fed
Policy Briefs, Peterson Institute for International Economics View citations (35)
- 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
- 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)
- Stabilizing Properties of Flexible Exchange Rates: Evidence from the Global Financial Crisis
Policy Briefs, Peterson Institute for International Economics View citations (6)
- The Elephant Hiding in the Room: Currency Intervention and Trade Imbalances
Working Paper Series, Peterson Institute for International Economics View citations (21)
2012
- Combating Widespread Currency Manipulation
Policy Briefs, Peterson Institute for International Economics View citations (23)
- Currency Manipulation, the US Economy, and the Global Economic Order
Policy Briefs, Peterson Institute for International Economics View citations (35)
- 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
- Current Account Imbalances Coming Back
Working Paper Series, Peterson Institute for International Economics View citations (37)
2010
- 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
- Currency crashes in industrial countries: much ado about nothing?
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
- The World Needs Further Monetary Ease, Not an Early Exit
Policy Briefs, Peterson Institute for International Economics View citations (4)
2007
- 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)
- 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
- 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
- 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)
- 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
- 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
- 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)
- 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)
- 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
- 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)
- 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
- 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
- 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
- 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)
- Long memory in inflation expectations: evidence from international expectations
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
- 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
- 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
- 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)
- Market Share and Exchange Rate Pass-Through in World Automobile Trade
Working Papers, California Davis - Institute of Governmental Affairs View citations (6)
Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1993) View citations (7) NBER Working Papers, National Bureau of Economic Research, Inc (1993) View citations (15)
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
- 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)
- 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 Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley (1991) View citations (1) 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)
- 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)
- 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)
- 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
- 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)
- The global economic implications of German unification
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
- 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
- A forward-looking multicountry model: MX3
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (10)
- 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)
- Savings rates and output variability in industrial countries
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
1988
- 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)
- 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
- Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies
Open Economies Review, 2017, 28, (2), 191-232 View citations (20)
2015
- 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
- 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)
- 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
- 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 (506)
2010
- Currency Crashes in Industrial Countries: What Determines Good and Bad Outcomes?
International Finance, 2010, 13, (2), 165-194 View citations (1)
2009
- 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)
- Exchange Rate Passthrough to Export Prices: Assessing Cross‐Country Evidence*
Review of International Economics, 2009, 17, (1), 17-33 View citations (20)
2008
- 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)
- 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
- 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
- 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
- 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
- U.S. international transactions in 2000
Federal Reserve Bulletin, 2001, 87, (May), 283-294
1997
- Predicting external imbalances for the United States and Japan
International Journal of Forecasting, 1997, 13, (2), 300-300
- 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
- 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)
- 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, Working Papers (1993) View citations (6) (1993)
- Taxation and inflation: A new explanation for capital flows
Journal of Monetary Economics, 1996, 38, (2), 303-330 View citations (17)
1995
- Dynamic Persistence of Industry Trade Balances: How Pervasive Is the Product Cycle?
Oxford Economic Papers, 1995, 47, (2), 229-48 View citations (26)
- 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)
- 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
- 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)
- 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)
- Price and output stability under alternative monetary policy rules
Proceedings, 1993 View citations (2)
1990
- 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)
- Solving stochastic equilibrium models with the extended path method
Economic Modelling, 1990, 7, (3), 251-257 View citations (5)
- Solving the Stochastic Growth Model by Deterministic Extended Path
Journal of Business & Economic Statistics, 1990, 8, (1), 35-36 View citations (24)
1989
- 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
- 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
- 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
- Reality Check for the Global Economy
PIIE Briefings, Peterson Institute for International Economics
2014
- Flirting with Default: Issues Raised by Debt Confrontations in the United States
PIIE Briefings, Peterson Institute for International Economics View citations (2)
2011
- Flexible Exchange Rates for a Stable World Economy
Peterson Institute Press: All Books, Peterson Institute for International Economics View citations (17)
- 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
- 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)
- 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
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