Ratna Sahay is Deputy Director of the Monetary and Capital Markets Department (MCM) at the International Monetary Fund (IMF). She leads key policy papers and projects in the areas of monetary policy, exchange rate policy, capital account, financial development, financial inclusion, and gender and finance. She is also responsible for bilateral surveillance support to area departments. Her recent projects include analytical work on unconventional monetary policy and global spillovers, capital flows, financial deepening, financial inclusion, and gender and finance. She has served as Advisor to Stanley Fischer (First Deputy Managing Director) and Advisor to Michael Mussa and Kenneth Rogoff (both Economic Counselors of the IMF). She has published widely in leading journals on monetary policy and financial sector, including financial market spillovers and financial crises, inflation, economic growth, fiscal policy and debt sustainability, and transition economies. She has taught at Delhi University, Columbia University, and New York University and holds a Ph.D. in Economics from New York University, New York.