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Meet the Researchers

Photo of Shaghil Ahmed

Shaghil Ahmed

Deputy Director Program Direction Section International Finance
202-452-3209
[email protected]

Education

  • Ph.D., Economics, University of Rochester, 1985
  • M.A., Economics, University of Rochester, 1983
  • B.Sc., Economics, London School of Economics, 1980
Current Research Topics
  • Emerging Market Exchange Rates and Capital Flows
  • Linkages Between Emerging And Advanced Economies
  • International Finance Division

    Board of Governors of the Federal Reserve System

    1995 - present
  • Managing Director

    Social Policy and Development Center, Pakistan

    2004 - 2006
  • Assistant Professor

    Pennsylvania State University

    1986 - 1995
  • Visiting Scholar

    Federal Reserve Bank of Philadelphia

    1992 - 1993
  • Visiting Assistant Professor

    Anderson Graduate School of Management, UCLA

    1991 - 1992
  • Visiting Assistant Professor

    Brown University

    1984 - 1986
  • Global Spillovers of a Chinese Growth Slowdown
    Shaghil Ahmed, Ricardo Correa, Daniel A. Dias, Nils Gornemann, Jasper Hoek, Anil Jain, Edith Liu, and Anna Wong
    Journal of Risk and Financial Management (2022)
    https://doi.org/10.3390/jrfm15120596
  • U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter
    Shaghil Ahmed, Ozge Akinci, and Albert Queralto
    International Finance Discussion Papers (2021)
    https://doi.org/10.17016/IFDP.2021.1321
  • The Impact of COVID-19 on Emerging Market Economies' Financial Conditions
    Shaghil Ahmed, Jasper Hoek, Steve Kamin, Ben Smith, and Emre Yoldas
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2749
  • Global Spillovers of a China Hard Landing
    Shaghil Ahmed, Ricardo Correa, Daniel A. Dias, Nils Gornemann, Jasper Hoek, Anil Jain, Edith Liu, and Anna Wong
    International Finance Discussion Papers (2019)
    https://doi.org/10.17016/IFDP.2019.1260
  • Should We Be Concerned Again About U.S. Current Account Sustainability?
    Shaghil Ahmed, Carol Bertaut, Jessica Liu, and Robert Vigfusson
    IFDP Notes (2018)
    https://doi.org/10.17016/2573-2129.42
  • China's Footprints on the Global Economy: Remarks Delivered at the Second IMF and Federal Reserve Bank of Atlanta Research Workshop on the Chinese Economy
    Shaghil Ahmed
    IFDP Notes (2017)
    https://doi.org/10.17016/2573-2129.37
  • International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?
    Shaghil Ahmed, Brahima Coulibaly, and Andrei Zlate
    Journal of International Money and Finance (2017)
    https://doi.org/10.1016/j.jimonfin.2017.05.001
    See also » FRB Working Paper (2015)
  • Capital Flows to Emerging Market Economies: A Brave New World?
    Shaghil Ahmed and Andrei Zlate
    Journal of International Money and Finance (2014)
    https://doi.org/10.1016/j.jimonfin.2014.05.015
    See also » FRB Working Paper (2013)
  • Are Chinese Exports Sensitive to Changes in the Exchange Rate?
    Shaghil Ahmed
    International Finance Discussion Papers (2009)
  • The Role of China in Asia: Engine, Conduit, or Steamroller?
    Jane Haltmaier, Shaghil Ahmed, Brahima Coulibaly, Ross Knippenberg, Sylvain Leduc, Mario Marazzi, and Beth Anne Wilson
    Future of Asian Trade and Growth: Economic Development with the Emergence of China (2009)
  • Impact of Trade Liberalization on Growth and Poverty in Pakistan
    Shaghil Ahmed
    Hard Sell: Attaining Pakistani Competitiveness in Global Trade (2008)
  • How External Shocks and Exchange Rate Depreciations Affect Pakistan? Implications for Choice of an Exchange Rate Regime
    Shaghil Ahmed, Iffat Ara, and Kalim Hyder
    State Bank of Pakistan Research Bulletin (2006)
  • First SBP International Conference on 'Monetary-cum-Exchange Rate Regime: What Works Best for Emerging Market Economies?': Concluding Remarks
    Shaghil Ahmed
    State Bank of Pakistan Research Bulletin (2006)
  • Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?
    Shaghil Ahmed, Andrew Levin, and Beth Anne Wilson
    Review of Economics and Statistics (2004)
    https://doi.org/10.1162/0034653041811662
  • Sources of Economic Fluctuations in Latin America and Implications for Choice of Exchange Rate Regimes
    Shaghil Ahmed
    Journal of Development Economics (2003)
    https://doi.org/10.1016/S0304-3878(03)00073-7
  • Are Depreciations as Contractionary as Devaluations? A Comparison of Selected Emerging and Industrial Economies
    Shaghil Ahmed, Christopher J. Gust, Steven B. Kamin, and Jonathan Huntley
    International Finance Discussion Papers (2002)
  • Inflation and the Great Ratios: Long Term Evidence from the U.S.
    Shaghil Ahmed and John H. Rogers
    Journal of Monetary Economics (2000)
    https://doi.org/10.1016/S0304-3932(99)00040-9
  • Comment on 'The Legal Environment, Banks, and Long-Run Economic Growth.'
    Shaghil Ahmed
    Journal of Money, Credit and Banking (1998)
    https://doi.org/10.2307/2601260
  • Balanced-Budget Rules and Public Deficits: Evidence from the U.S. States: A Comment
    Shaghil Ahmed
    Carnegie-Rochester Conference Series on Public Policy (1996)
    https://doi.org/10.1016/S0167-2231(96)00018-8
  • Long-Term Evidence on the Tobin and Fisher Effects: A New Approach
    Shaghil Ahmed and John H. Rogers
    International Finance Discussion Papers (1996)
  • The Marginal Cost of Funds with Nonseparable Public Spending
    Shaghil Ahmed and Dean Croushore
    Public Finance Review (1996)
    https://doi.org/10.1177/109114219602400206
  • Government Budget Deficits and Trade Deficits: Are Present Value Constraints Satisfied in Long-Term Data?
    Shaghil Ahmed and John H. Rogers
    Journal of Monetary Economics (1995)
    https://doi.org/10.1016/0304-3932(95)01215-X
  • The Importance of the Tax System in Determining the Marginal Cost of Funds
    Shaghil Ahmed and Dean Croushore
    Public Finance (1995)
  • Fiscal Trends in Real Economic Aggregates
    Shaghil Ahmed and Byung Sam Yoo
    Journal of Money, Credit and Banking (1995)
    https://doi.org/10.2307/2077784
  • Sources of Macroeconomic Fluctuations in Small Open Economies
    Shaghil Ahmed and Jae Ha Park
    Journal of Macroeconomics (1994)
    https://doi.org/10.1016/0164-0704(94)90042-6
  • Money, Output, and Real Business Cycles in a Small Open Economy
    Shaghil Ahmed and Radha Murthy
    Canadian Journal of Economics (1994)
  • International Business Cycles
    Shaghil Ahmed, Barry W. Ickes, Ping Wang, and Byung Sam Yoo
    American Economic Review (1993)
  • Islamic Banking and Finance: A Review Essay
    Shaghil Ahmed
    Journal of Monetary Economics (1989)
    https://doi.org/10.1016/0304-3932(89)90023-8
  • Government Spending, the Balance of Trade and the Terms of Trade in British History
    Shaghil Ahmed
    Journal of Monetary Economics (1987)
    https://doi.org/10.1016/0304-3932(87)90014-6
  • Wage Stickiness and the Non-neutrality of Money: A Cross-Industry Analysis
    Shaghil Ahmed
    Journal of Monetary Economics (1987)
    https://doi.org/10.1016/0304-3932(87)90057-2
  • Temporary and Permanent Government Spending in an Open Economy: Some Evidence for the United Kingdom
    Shaghil Ahmed
    Journal of Monetary Economics (1986)
    https://doi.org/10.1016/0304-3932(86)90028-0

  • conference

    November, 2013

    CEMLA, Annual Meetings of Central Bank Researchers Network, Mexico City, Mexico

    Capital Flows to Emerging Market Economies: A Brave New World?

  • conference

    April, 2013

    4th BIS-CCA Research Conference, Santiago, Chile

    Capital Flows to Emerging Market Economies: A Brave New World?

  • conference

    June, 2012

    Canadian Economic Association Annual Meetings, Calgary, Canada

    How Sensitive Are Chinese Exports to Exchange Rate Changes: Implications for Current Account Adjustment

  • conference

    May 2010

    NAFTA Central Banks Research Conference, Ottawa. Canada

    Reforming China's Exchange Rate Regime and Its Implications

  • conference

    March 2010

    Oxmetrics Conference, George Washington University, Washington, DC

    Are Chinese Exports Sensitive to Changes in the Exchange Rate?

  • conference

    January 2010

    Hong Kong Institute of Monetary Research, International Conference on the Chinese Economy, Hong Kong

    Are Chinese Exports Sensitive to Changes in the Exchange Rate?

  • conference

    May 2009

    Canadian Economic Association Annual Meetings, Toronto, Canada

    Are Chinese Exports Sensitive to Changes in the Exchange Rate?

Referee
  • American Economic Review
  • Canadian Journal of Economics
  • Economica
  • Economic Inquiry
  • Economic Journal
  • IMF Economic Review
  • International Economic Review
  • Journal of Business and Economic Statistics
  • Journal of Development Economics
  • Journal of Economic Growth
  • Journal of International Economics
  • Journal of International Money and Finance
  • Journal of Macroeconomics
  • Journal of Money, Credit, and Banking
  • Journal of Monetary Economics
  • Oxford Bulletin of Economics and Statistics
  • Oxford Economic Papers
  • Pakistan Development Review
  • Pakistan Journal of Applied Economics
  • Review of Economics and Statistics
  • World Development
Professional Affiliation
  • Society of Government Economists
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Last Update: December 1, 2023