Michael Klein

Michael W. Klein

Cabot 504
160 Packard Avenue, Medford, MA 02155
Research/Areas of Interest:

World capital markets; Exchange rate management; Foreign direct investment; Consequences of international capital controls; Effects of international factors on United States labor market


  • B.A., Brandeis University
  • Ph.D., Economics, Columbia University


Michael W. Klein is the William L. Clayton Professor of International Economic Affairs. He served as the chief economist in the Office of International Affairs of the United States Department of the Treasury from 2010-2011. He is a research associate of the National Bureau of Economic Research, and the founder, research director, and co-executive editor of EconoFact, a website that provides economic analysis on timely policy issues (econofact.org). He has been a visiting scholar at the International Monetary Fund, the Board of Governors of the Federal Reserve, the Bank of England, and the Federal Reserve Banks of Boston, New York, San Francisco and Dallas. His research and teaching focus on international macroeconomics.

Klein has published three books and over two dozen articles on topics such as exchange rate policy, international capital flows, the impact of trade on the U.S. labor market, and the determinants of foreign direct investment. His research has been supported by grants from the Upjohn Institute for Employment Research and the Bill and Melinda Gates Foundation. He received a Ph.D. in economics from Columbia University and a B.A. from Brandeis University.

Professional Activities

  • Chief Economist, Office of International Affairs, U.S. Treasury, 2010 - 2011
  • Associate Editor, Journal of International Economics
  • Editorial Board, International Economics and Economic Policy
  • Associate Editor, Economics: The Open-Access, Open-Assessment e-journal
  • Has served as Visiting Scholar at International Monetary Fund, Board of Governors of the Federal Reserve, Federal Reserve Bank of New York, and Federal Reserve Bank of Boston
  • Has taught at Brandeis University, Clark University, and Dartmouth College

Other Affiliations

  • Research Associate, National Bureau of Economic Research
  • Non-Resident Senior Fellow in the Economic Studies Program at the Brookings Institution

Areas of expertise

Economic Development
Globalization & Trade
History & Diplomacy
International Business
International Finance & Monetary Policy
International Law & Organizations
International Politics
Regional Studies

Courses taught

Selected Publications and Presentations


Andrés Fernández, Michael W. Klein, Alessandro Rebucci, Martin Schindler and Martín Uribe. Capital Control Measures: A New Dataset. 2015

Klein, Michael and Giovanni Olivei. "Capital Account Liberalization, Financial Deepness and Economic Growth." Journal of International Money and Finance 27, no. 6 (2008): 861-875.

Klein, Michael and Jay Shambaugh. "The Dynamics of Exchange Rate Regimes: Fixes, Floats and Flips." Journal of International Economics 75, no. 1 (2008): 70-92.

Klein, Michael and Jeffrey C. Fuhrer. "Risky Habits: On Risk Sharing, Habit Formation and the Interpretation of International Consumption Correlations." Review of International Economics 14, no. 4 (2006): 722-740.

Klein, Michael and Jay Shambaugh. "Fixed Exchange Rates and Trade." Journal of International Economics 70, no. 2 (2006): 359-383.

Klein, Michael. "Dollarization and Trade." Journal of International Money and Finance 24, no. 6 (2005): 935-943.

Klein, Michael. "Studying Texts: A Gemara of the Israeli Economy." Israel Economic Review 3, no. 1 (August 2005): 121-147.

Klein, Michael, Hali J. Edison, Luca Antonio Ricci and Torsten Slo. "Capital Account Liberalization and Economic Performance: Survey and Synthesis." IMF Staff Papers 51, no. 2 (2004): 220-256.

Klein, Michael. "Work and Play: International Evidence of Gender Equality in Employment and Sports." Journal of Sports Economics 5, no. 3 (August 2004): 227-242.

Klein, Michael, Scott Schuh and Robert Triest. "Job Creation, Job Destruction and the Real Exchange Rate." Journal of International Economics 59, no. 2 (2003): 239-265.

Klein, Michael, Joe Peek and Eric Rosengren. "Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit." American Economic Review 92, no. 3 (2002): 664-682.

Klein, Michael. "A Provincial View of Capital Mobility." International Monetary Fund Staff Papers 44, no. 4 (December 1997): 534-556.

Klein, Michael. "Explaining the Duration of Exchange-Rate Pegs." Journal of Development Economics 54, no. 2 (December 1997): 387-404.

Klein, Michael. "Timing is All: Elections and the Duration of United States Business Cycles." Journal of Money, Credit and Banking 28, no. 1 (February 1996): 84-101.

Klein, Michael. "The Real Exchange Rate and Foreign Direct Investment in the United States; Relative Wealth vs. Relative Wage Effects." Journal of International Economics 36, no. 3/4 (May 1994): 373-389.

Klein, Michael. "Learning About Intervention Target Zones." Journal of International Economics 35, no. 3/4 (1993): 275-295.

Klein, Michael. "The Accuracy of Reports of Foreign Exchange Intervention." Journal of International Money and Finance 12, no. 6 (December 1993): 644-653.

Klein, Michael. "Big Effects of Small Interventions: The Informational Role of Intervention in Exchange Rate Policy." European Economic Review 36, no. 4 (May 1992): 915-924.

Klein, Michael. "Managing the Dollar: Has the Plaza Agreement Mattered?." Journal of Money, Credit and Banking 23, no. 4 (November 1991): 742-751.

Klein, Michael. "Macroeconomic Aspects of Exchange Rate Pass-Through." Journal of International Money and Finance 9, no. 4 (December 1990): 376-387.

Klein, Michael. "Playing With the Band: Dynamic Effects of Target Zones in an Open Economy." International Economic Review 31, no. 4 (November 1990): 757-771.

Klein, Michael. "Sectoral Effects of Exchange Rate Volatility on United States Exports." Journal of International Money and Finance 9, no. 3 (September 1990): 299-308.

"Do Borders Matter? Borders and Markets in West Africa” (with Jenny C. Aker and Steven O’Connell).


Klein, Michael. Something for Nothing: A Novel. 2011

Klein, Michael and Jay C. Shambaugh. Exchange Rate Regimes in the Modern Era. MIT Press, November 2009.

Klein, Michael, Scott Schuh and Bob Triest. Job Creation, Job Destruction, and International Competition. 2003.

Klein, Michael. Mathematical Methods for Economics, 2nd Edition. Addison-Wesley Publishing Group, 2002.

Klein, Michael and Paul J.J. Welfens (eds). Multinationals in Europe and Global Trade in the 1990s. Springer-Verlag, c. 1991.


Klein, Michael. "International Trade and Factor Mobility: An Emperical Investigation." In Money, Capital Mobility and Trade: Essays in Honor of Robert A. Mundell, eds. Guillermo Calvo, Rudiger Dornbusch and Maurice Obstfeld, MIT Press, 2001.

Klein, Michael. "FDI, Trade and Real Exchange Rate Linkages in Developing Countries." In Managing Capital Flows and Exchange Rates: Lessons from the Pacific Basin, ed. R. Glick, Cambridge University Press, 1998.

Klein, Michael. "Die Volkswirtschaft der Vereinigten Staaten von Amerikaö (The Economy of the United States)." In Springer Handbuch der Volkswirtschaftslehre 2, ed. Jurgen von Hagen, Paul Welfens and Axel Borsch-Supan, Berlin: Springer Verlag, 1997.

Klein, Michael. "Fiscal Policy and the Real Exchange Rate in the United States and Great Britain Under the Gold Standard." In Modern Perspectives on the Gold Standard, ed. T. Bayoumi, B. Eichengreen and M. Taylor, Cambridge University Press, 1996.

Klein, Michael. "Foreign Direct Investment and the Exchange Rate." In Exchange Rate Movements and Their Impact on Trade and Investment in the APEC Region, IMF Occasional Paper no. 145, 1996.

Klein, Michael. "Macroeconomic Factors in United States Outward Direct Investment." In Multinationals in Europe and Global Trade in the 1990s, ed. Michael W. Klein and Paul J.J. Welfens, New York: Springer-Verlag, 1991.

Klein, Michael. "The European Monetary System and Financial Integration: An Evaluation." In European Monetary Integration: From German Dominance to an EC Central Bank, ed. Paul J.J. Welfens, New York: Springer-Verlag, 1991.