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Jonathan D. Ostry

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Jonathan D. Ostry
Born (1962-07-29) July 29, 1962 (age 62)
NationalityCanadian
Academic career
FieldInternational economics
InstitutionInternational Monetary Fund
Alma materOxford University
London School of Economics
University of Chicago
Information at IDEAS / RePEc

Jonathan David Ostry is Professor of Economics, Global Affairs and Public Policy at the University of Toronto, cross-appointed to the Munk School of Global Affairs & Public Policy and the Department of Economics. Prior to his appointment to the University of Toronto faculty, Ostry served as Professor of the Practice in the Department of Economics at Georgetown University. Ostry is also a Research Fellow at the Centre for Economic Policy Research (CEPR) in London, England, and a Non-Resident Research Fellow at Bruegel in Brussels. Prior to his academic appointments, Ostry served in senior roles for more than three decades at the International Monetary Fund (IMF) in Washington DC, including as Deputy Director of the Research Department and Acting Director of the Asia and Pacific Department.[1][2][3]

Ostry's 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.[4][5][6][7] 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[8][9][10]—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).[1][11] 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.[4][5][8][9][10][12][13][14] Ostry was listed in Who’s Who in Economics in 2003.[2] He was named one of the 100 most powerful people in global finance by Worth magazine in 2016,[15] and as one of the economists whose research shaped the world in 2017.[16]

Early career

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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.[1] 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.[1][11][17] At the IMF, Ostry has led work on global systemic macrofinancial risks,[1][11] including as a member of the advisory board of the World Economic Forum's Global Risk Report.[18]

Research and publication

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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 several books on international economic matters, most recently Taming the Tide of Capital Flows (MIT Press, 2018) and Confronting Inequality (Columbia University Press, 2019). He has published numerous articles in scholarly journals, such as the American Economic Review, the Economic Journal, the IMF Economic Review, the Journal of Monetary Economics, the Journal of International Economics, the Journal of Development Economics, among others.[1] His work has featured extensively in the press, including in The Economist,[4][8][12][19][20] the Financial Times,[5][21] The New York Times,[9][22][23][24] The Wall Street Journal,[13][25] The Guardian,[26][27] The Independent,[28] The Washington Post,[10] Bloomberg,[29] Business Week,[30] Forbes,[31] Time magazine,[32] Les Échos,[33] Fortune,[34] BBC,[35] CNBC,[36] National Public Radio,[37][38] Maclean's,[39][40] and HBO's Last Week Tonight show.[41] His work has been cited in remarks made by, among others, US President Barack Obama,[42][43] Fed Chairman Ben Bernanke,[44] US Council of Economic Advisers Chairman Jason Furman,[45] and IMF Managing Director Christine Lagarde.[46]

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,[47][48][49] and through his writings on the impact of neoliberal policies, which have received widespread media attention.[31][36][50][51][52][53][54][55][56] His work on inequality and debt sustainability is being used by credit rating agencies (S&P, Moody's) for their credit rating analysis.[57][58]

Personal information

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Ostry was born in Ottawa, Canada.[2] He is the son of Sylvia Ostry and Bernard Ostry.[59][60]

References

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  1. ^ a b c d e f Research at the IMF: Jonathan D. Ostry
  2. ^ a b c Mark Blaug and Howard R. Vane (2003). Who's who in Economics: 4th ed. Cheltenham & Edward Elgar Pub.
  3. ^ Transcript of Press Briefing on the October 2020 Asia Pacific Regional Economic Outlook
  4. ^ a b c The Economist (February 18, 2010), The IMF changes its mind on controls on capital inflows.
  5. ^ a b c The Financial Times (February 22, 2010), IMF reconsiders capital controls opposition.
  6. ^ The Economist (April 07, 2011), The Reformation: A disjointed attempt by the IMF to refine its thinking on capital controls.
  7. ^ Capital Controls.
  8. ^ a b c The Economist (October 13, 2012), Having Your Cake: Less Inequality Does Not Need To Mean Less Efficiency.
  9. ^ a b c The New York Times (October 15, 2011), America’s ‘Primal Scream’.
  10. ^ a b c The Washington Post (March 24, 2012), The False Choice Between Equality and Efficiency.
  11. ^ a b c Jonathan D. Ostry (IMF): VoxEU
  12. ^ a b The Economist (October 06, 2012), Tide Barriers: Capital Controls Would Work Better If There Were Some International Norms.
  13. ^ a b The Wall Street Journal (September 02, 2010), IMF Warns Countries of Debt Risks, Dismisses Idea of Greek Default.
  14. ^ The New York Times (May 11, 2018), The Next New Thing in Finance — Bonds Linked Directly to the Economy.
  15. ^ Worth: The 100 most powerful men and women in global finance for 2016 Archived 2016-10-21 at the Wayback Machine
  16. ^ Quartz: 13 economists on the research that shaped our world in 2017
  17. ^ Jonathan D. Ostry: Huffington Post
  18. ^ World Economic Forum Global Risks 2015
  19. ^ The Economist (October 01, 2016), Capital Mobility: The Good, the Bad, and the Ugly.
  20. ^ The Economist (October 05, 2017), Emerging markets have become more resilient.
  21. ^ FT Free Lunch: Resurgent Keynesianism (April 14, 2016)
  22. ^ The New York Times (December 10, 2011), The 1 Percent Club’s Misguided Protectors.
  23. ^ The New York Times (October 16, 2012), Income Inequality May Take Toll on Growth.
  24. ^ The New York Times (October 03, 2017), Tax Cuts, Sold as Fuel for Growth, Widen Gap Between Rich and Poor.
  25. ^ The Wall Street Journal (September 14, 2012), Economists: QE3 Shouldn’t Trigger Wall of U.S. Money Into Emerging Markets.
  26. ^ The Guardian (May 31, 2016), You’re witnessing the death of neoliberalism–-from within.
  27. ^ The Guardian (August 18, 2017), Neoliberalism: the idea that swallowed the world.
  28. ^ The Independent (May 27, 2016), Neoliberalism is increasing inequality and stunting economic growth, IMF says.
  29. ^ Bloomberg (August 7, 2017) This American Town Was Left to Die, and Suddenly Economists Care
  30. ^ Business Week (Oct 13, 2011), Growing Income Gap May Leave U.S. More Vulnerable to Crisis. Archived 2012-12-28 at the Wayback Machine
  31. ^ a b Forbes (May 28, 2016), The IMF Has Not Rejected Neoliberalism Nor Austerity: Rather, They've Examined Them.
  32. ^ Time magazine (June 03, 2016), Globalization’s True Believers Are Having Second Thoughts.
  33. ^ Les Échos (June 15, 2018), Inégalités : pourquoi la dépense sociale ne suffit pas.
  34. ^ Fortune (June 03, 2016), Even the IMF Now Admits Neoliberalism Has Failed.
  35. ^ BBC (January 10, 2016), How Much Inequality Is Too Much?
  36. ^ a b CNBC (May 31, 2016), Neoliberal policies have led to inequality: IMF.
  37. ^ National Public Radio (March 18, 2010), Global Reality Challenges IMF's Free Market Gospel
  38. ^ National Public Radio (January 22, 2016), How capital controls work and sometimes don't
  39. ^ Maclean's (May 05, 2016), The Canadian upending how the IMF thinks about the economy
  40. ^ Maclean's (Sep 08, 2016), Christine Lagarde faces the fight of her life
  41. ^ Last Week Tonight with John Oliver Episode 10: Wealth Gap
  42. ^ Remarks by the President on the Economy in Osawatomie, Kansas
  43. ^ Barack Obama: The Way Ahead
  44. ^ Mundell-Fleming Lecture, 16th IMF Annual Research Conference
  45. ^ Global Lessons for Inclusive Growth
  46. ^ Back to Rio—the Road to a Sustainable Economic Future
  47. ^ WEF Global Agenda Council on New Growth Models
  48. ^ WEF Meta-Council on Inclusive Growth
  49. ^ To save globalization, its benefits need to be more broadly shared
  50. ^ Neoliberalism oversold
  51. ^ FT-Front Page: IMF economists put ‘neoliberalism’ under the spotlight
  52. ^ Austerity policies do more harm than good, IMF study concludes
  53. ^ New Statesman (June 02, 2016) The IMF smashes its own consensus
  54. ^ Foreign Policy (July 06, 2016) The IMF confronts its N-word
  55. ^ The Economist (October 1, 2016) The World Economy: An Open and Shut Case
  56. ^ Le Monde (July 07, 2017) Quand le FMI remet en question ses dogmes
  57. ^ Moody's Fiscal Space: A New Gauge of Sovereign Risk
  58. ^ Standard and Poor's Reduce Inequality for a Better Economy
  59. ^ Sylvia Ostry.
  60. ^ Bernard Ostry.
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