Jay Shambaugh

Under Secretary for International Affairs

Dr. Jay Shambaugh serves as Under Secretary for International Affairs. In this position, his duties include helping to formulate Treasury’s international economic policies regarding the International Monetary Fund, World Bank, G7 and G20, exchange rate issues, climate policies and international financial regulation.

His 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, the crisis in the euro area, and regional growth disparities.

He has had two prior stints in public service. He served as a Member of the White House Council of Economic Advisors from 2015-2017. Earlier, he served on the staff of the CEA as a Senior Economist for International Economics and then as the Chief Economist. He also spent 3 years as the Director of the Hamilton Project at the Brookings Institution.

He is currently on leave as a Professor of Economics and International Affairs at George Washington University. Prior to joining the faculty at George Washington, Shambaugh taught at Georgetown and Dartmouth and was 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.