International Economic Update: First Quarter Sees Continued Sharp Declines���With few exceptions, nations reported continued declines in GDP in the first quarter. The GDPs of the U.K., the euro zone and Japan contracted at a faster rate than in the United States. Especially sharp was the nearly 9 percent contraction in Japan from first quarter 2008.

Director of the Institute

Mark A. Wynne

Senior Fellows

W. Michael Cox
Mario Crucini
Michael B. Devereux
Charles Engel
Francis E. Warnock

Institute Research Economists

Simona E. Cociuba
Anthony Landry
Enrique Martinez-Garcia
Ananth Ramanarayanan
Jian Wang

Advisory Board Chairman

John B. Taylor

Advisory Board

Charles Bean
Martin Feldstein
Glenn Hubbard
Otmar Issing
Finn Kydland
Guillermo Ortiz
Kenneth Rogoff
William White

Research Associates

Raphael Auer
Chikako Baba
Claudio Borio
Alessandro Calza
Andrew Filardo
Andreas Fischer
Marcel Fratzscher
Bill Gruben
Sophie Guilloux
Ping He
Enisse Kharroubi
Philippe Moutot
Shigenori Shiratsuka
Jens Sondergaard
Giovanni Vitale