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Photo of Etienne Gagnon

Etienne Gagnon

Associate Director Program Direction Section International Finance
202-452-3522
[email protected]

Education

  • Ph.D., Economics, Northwestern University, 2006
  • B.Sc., Mathematics and Economics, University of Montreal, 2000
Current Research Topics
  • Determinants of interest rates
  • Product variety and inflation
  • Associate Director

    Division of International Finance, Board of Governors of the Federal Reserve System

    2023 - present
  • Assistant Director

    Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2019 - 2022
  • Chief

    Monetary Studies Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2015 - 2019
  • Economist

    Monetary Studies Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    2013 - 2015
  • Economist

    Advanced Foreign Economies Section, Division of International Finance, Board of Governors of the Federal Reserve System

    2006 - 2013
  • Balance Sheet Policies in an Evolving Economy: Some Modelling Advances and Illustrative Simulations
    Hess Chung, Etienne Gagnon, James Hebden, Kyungmin Kim, Bernd Schlusche, Eric Till, James Trevino, and Diego Vilán
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3246
  • Substitutability between Balance Sheet Reductions and Policy Rate Hikes: Some Illustrations and a Discussion
    Edmund Crawley, Etienne Gagnon, James Hebden, and James Trevino
    FEDS Notes (2022)
    https://doi.org/10.17016/2380-7172.3147
  • Supply-side Effects of Pandemic Mortality: Insights from an Overlapping-generations Model
    Etienne Gagnon, Benjamin K. Johannsen, and David López-Salido
    B.E. Journal of Macroeconomics (2022)
    https://doi.org/10.1515/bejm-2020-0196
    See also » FRB Working Paper (2020)
  • Macroeconomic Implications of Inequality and Income Risk
    Aditya Aladangady, Etienne Gagnon, Benjamin K. Johannsen, and William B. Peterman
    Finance and Economics Discussion Series (2021)
    https://doi.org/10.17016/FEDS.2021.073
  • Monetary Policy and Economic Performance Since the Financial Crisis
    Dario Caldara, Etienne Gagnon, Enrique Martínez-García, and Christopher J. Neely
    Federal Reserve Bank of St. Louis Review (2021)
    https://doi.org/10.20955/r.103.425-60
    See also » FRB Working Paper (2020)
  • Understanding the New Normal: The Role of Demographics
    Etienne Gagnon, Benjamin K. Johannsen, and David Lopez-Salido
    IMF Economic Review (2021)
    https://doi.org/10.1057/s41308-021-00138-4
    See also » FRB Working Paper (2016)
  • Small Price Responses to Large Demand Shocks
    Etienne Gagnon and J. David López-Salido
    Journal of the European Economic Association (2020)
    https://doi.org/10.1093/jeea/jvz002
    See also » FRB Working Paper (2014)
  • Monetary Policy Options at the Effective Lower Bound: Assessing the Federal Reserve's Current Policy Toolkit
    Hess Chung, Etienne Gagnon, Taisuke Nakata, Matthias Paustian, Bernd Schlusche, James Trevino, Diego Vilán, and Wei Zheng
    Finance and Economics Discussion Series (2019)
    https://doi.org/10.17016/FEDS.2019.003
  • Comment on the Demographic Deficit
    Etienne Gagnon, Benjamin K. Johannsen, and David López-Salido
    Journal of Monetary Economics (2018)
    https://doi.org/10.1016/j.jmoneco.2017.11.006
  • The Cyclicality of Sales, Regular, and Effective Prices: Business Cycle and Policy Implications: Comment
    Etienne Gagnon, David Lopez-Salido, and Jason Sockin
    American Economic Review (2017)
    https://doi.org/10.1257/aer.20150891
    See also » FRB Working Paper (2015)
  • Mass Population Displacement and Retail Activities in the Wake of Hurricane Katrina
    Etienne Gagnon and J. David López-Salido
    FEDS Notes (2015)
    https://doi.org/10.17016/2380-7172.1600
  • The Cyclicality of Sales, Regular and Effective Prices: Comment
    Etienne Gagnon, David Lopez-Salido, and Jason A. Sockin
    Finance and Economics Discussion Series (2015)
    https://doi.org/10.17016/FEDS.2015.052
  • Missing Import Price Changes and Low Exchange Rate Pass-Through
    Etienne Gagnon, Benjamin R. Mandel, and Robert J. Vigfusson
    American Economic Journal: Macroeconomics (2014)
    https://doi.org/10.1257/mac.6.2.156
    See also » FRB Working Paper (2012)
  • Individual Price Adjustment along the Extensive Margin
    Etienne Gagnon, David López-Salido, and Nicolas Vincent
    NBER Macroeconomics Annual Book Series (2013)
    https://doi.org/10.1086/669179
    See also » FRB Working Paper (2012)
  • Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks
    David Bowman, Etienne Gagnon, and Mike Leahy
    International Finance Discussion Papers (2010)
  • Price Setting during Low and High Inflation: Evidence from Mexico
    Etienne Gagnon
    Quarterly Journal of Economics (2009)
    https://doi.org/10.1162/qjec.2009.124.3.1221
Referee
  • American Economic Review
  • American Economic Journal: Macroeconomics
  • Canadian Journal of Economics
  • Emerging Markets Finance and Trade
  • International Journal of Central Banking
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • Journal of Political Economy
  • Quarterly Journal of Economics
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Last Update: December 1, 2023