Jonathan D. Ostry
Jonathan David Ostry (born July 29, 1962) is an international economist, who is currently Deputy Director of the Research Department of the International Monetary Fund. His recent work has focused on the management of international capital flows, in particular the role of capital controls; this work has been influential in bringing about a shift in the institutional position of the IMF on capital controls. Ostry has also published influential studies on the relationship between income inequality and economic growth, where his work—which has featured prominently in the financial press—suggests that high income inequality and a failure to sustain economic growth may be two sides of the same coin. His other work focuses on fiscal sustainability issues (especially the role of a country’s track record of fiscal management in enabling it to access the international capital markets). Ostry has many distinguished academic publications, and his work has been cited widely in scholarly journals, and in the press, including the Economist, the Financial Times, the Wall Street Journal, the New York Times and the Washington Post. Ostry was listed in Who’s Who in Economics in 2003. He was named one of the 100 most powerful people in global finance by Worth magazine in 2016, and as one of the economists whose research shaped the world in 2017.
Ostry received a B.A. (with Distinction) from Queen’s University (Canada), where he was an Undergraduate Medallist, at the age of 18. He then went on to do another B.A. at Oxford University (Balliol College) as a Commonwealth Scholar in Philosophy, Politics and Economics, followed by an M.Sc. at the London School of Economics. He earned his Ph.D. in Economics at the University of Chicago, where he was a Mackenzie King Fellow, Social Sciences and Humanities Research Council Doctoral Fellow, and Pew Fellow. He has held several senior positions at the IMF, including leading country teams on Japan and several Asian countries, and leading the team that produces the IMF’s flagship World Economic Outlook. At the IMF, Ostry has led work on global systemic macrofinancial risks, including as a member of the advisory board of the World Economic Forum's Global Risk Report.
Research and publication
Ostry’s work covers various aspects of domestic and international macroeconomic policy, including exchange rate regimes, capital controls, fiscal space, and income inequality. He has written and edited several books on international economic matters, and has published numerous articles in scholarly journals, such as the American Economic Review, the Economic Journal, the Journal of Monetary Economics, the Journal of International Economics, the Journal of Development Economics, among others. His work has featured extensively in the press, including in the Economist, the Financial Times, the New York Times, the Wall Street Journal, The Guardian, The Independent, the Washington Post, Bloomberg, Business Week, Forbes, Time magazine, Les Échos, Fortune, BBC, CNBC, National Public Radio, Maclean's, and HBO's Last Week Tonight show. His work has been cited in remarks made by, among others, US President Barack Obama, Fed Chairman Ben Bernanke, US Council of Economic Advisers Chairman Jason Furman, and IMF Managing Director Christine Lagarde.
Ostry is involved in efforts to raise awareness of inequality issues at the global level, including through his membership in the World Economic Forum's Global Agenda Councils on new growth models and inclusive growth, and through his writings on the impact of neoliberal policies, which have received widespread media attention. His work on inequality and debt sustainability is being used by credit rating agencies (S&P, Moody's) for their credit rating analysis.
Ostry was born in Ottawa, Canada. He is the son of Sylvia Ostry and Bernard Ostry.
- ^ a b c d e f Research at the IMF: Jonathan D. Ostry
- ^ a b c Mark Blaug and Howard R. Vane (2003). Who's who in Economics: 4th ed. Cheltenham & Edward Elgar Pub.
- ^ a b c The Economist (February 18, 2010), The IMF changes its mind on controls on capital inflows.
- ^ a b c The Financial Times (February 22, 2010), IMF reconsiders capital controls opposition.
- ^ The Economist (April 07, 2011), The Reformation: A disjointed attempt by the IMF to refine its thinking on capital controls.
- ^ Capital Controls.
- ^ a b c The Economist (October 13, 2012), Having Your Cake: Less Inequality Does Not Need To Mean Less Efficiency.
- ^ a b c The New York Times (October 15, 2011), America’s ‘Primal Scream’.
- ^ a b c The Washington Post (March 24, 2012), The False Choice Between Equality and Efficiency.
- ^ a b c Jonathan D. Ostry (IMF): VoxEU
- ^ a b The Economist (October 06, 2012), Tide Barriers: Capital Controls Would Work Better If There Were Some International Norms.
- ^ a b The Wall Street Journal (September 02, 2010), IMF Warns Countries of Debt Risks, Dismisses Idea of Greek Default.
- ^ New York Times (May 11, 2018), The Next New Thing in Finance — Bonds Linked Directly to the Economy.
- ^ Worth: The 100 most powerful men and women in global finance for 2016
- ^ Quartz: 13 economists on the research that shaped our world in 2017
- ^ Jonathan D. Ostry: Huffington Post
- ^ World Economic Forum Global Risks 2015
- ^ The Economist (October 01, 2016), Capital Mobility: The Good, the Bad, and the Ugly.
- ^ The Economist (October 05, 2017), Emerging markets have become more resilient.
- ^ FT Free Lunch: Resurgent Keynesianism (April 14, 2016)
- ^ The New York Times (December 10, 2011), The 1 Percent Club’s Misguided Protectors.
- ^ The New York Times (October 16, 2012), Income Inequality May Take Toll on Growth.
- ^ The New York Times (October 03, 2017), Tax Cuts, Sold as Fuel for Growth, Widen Gap Between Rich and Poor.
- ^ The Wall Street Journal (September 14, 2012), Economists: QE3 Shouldn’t Trigger Wall of U.S. Money Into Emerging Markets.
- ^ The Guardian (May 31, 2016), You’re witnessing the death of neoliberalism–-from within.
- ^ The Guardian (August 18, 2017), Neoliberalism: the idea that swallowed the world.
- ^ The Independent (May 27, 2016), Neoliberalism is increasing inequality and stunting economic growth, IMF says.
- ^ Bloomberg (August 7, 2017) This American Town Was Left to Die, and Suddenly Economists Care
- ^ Business Week (Oct 13, 2011), Growing Income Gap May Leave U.S. More Vulnerable to Crisis. Archived 2012-12-28 at the Wayback Machine.
- ^ a b Forbes (May 28, 2016), The IMF Has Not Rejected Neoliberalism Nor Austerity: Rather, They've Examined Them.
- ^ Time magazine (June 03, 2016), Globalization’s True Believers Are Having Second Thoughts.
- ^ Les Échos (June 15, 2018), Inégalités : pourquoi la dépense sociale ne suffit pas.
- ^ Fortune (June 03, 2016), Even the IMF Now Admits Neoliberalism Has Failed.
- ^ BBC (January 10, 2016), How Much Inequality Is Too Much?
- ^ a b CNBC (May 31, 2016), Neoliberal policies have led to inequality: IMF.
- ^ National Public Radio (March 18, 2010), Global Reality Challenges IMF's Free Market Gospel
- ^ National Public Radio (January 22, 2016), How capital controls work and sometimes don't
- ^ Maclean's (May 05, 2016), The Canadian upending how the IMF thinks about the economy
- ^ Maclean's (Sep 08, 2016), Christine Lagarde faces the fight of her life
- ^ Last Week Tonight with John Oliver Episode 10: Wealth Gap
- ^ Remarks by the President on the Economy in Osawatomie, Kansas
- ^ Barack Obama: The Way Ahead
- ^ Mundell-Fleming Lecture, 16th IMF Annual Research Conference
- ^ Global Lessons for Inclusive Growth
- ^ Back to Rio—the Road to a Sustainable Economic Future
- ^ WEF Global Agenda Council on New Growth Models
- ^ WEF Meta-Council on Inclusive Growth
- ^ To save globalization, its benefits need to be more broadly shared
- ^ Neoliberalism oversold
- ^ FT-Front Page: IMF economists put ‘neoliberalism’ under the spotlight
- ^ Austerity policies do more harm than good, IMF study concludes
- ^ New Statesman (June 02, 2016) The IMF smashes its own consensus
- ^ Foreign Policy (July 06, 2016) The IMF confronts its N-word
- ^ The Economist (October 1, 2016) The World Economy: An Open and Shut Case
- ^ Le Monde (July 07, 2017) Quand le FMI remet en question ses dogmes
- ^ Moody's Fiscal Space: A New Gauge of Sovereign Risk
- ^ Standard and Poor's Reduce Inequality for a Better Economy
- ^ Sylvia Ostry.
- ^ Bernard Ostry.
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