Joseph E. Gagnon is senior fellow at the Peterson Institute for International Economics, Washington, DC. He served at the US Federal Reserve as visiting associate director, Division of Monetary Affairs (2008–09); associate director, Division of International Finance (1999–2008); and senior economist (1987–90 and 1991–97). He also served at the US Treasury Department (1994–95 and 1997–99) and taught at the Haas School of Business, University of California, Berkeley (1990–91).