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Pierre-Olivier Gourinchas - Haas School of Business, University of California, Berkeley. Berkeley, CA, US

Pierre-Olivier Gourinchas Pierre-Olivier Gourinchas

S.K. and Angela Chan Professor of Global Management | Faculty Director, Clausen Center for International Business and Policy | Haas School of Business, University of California, Berkeley

Berkeley, CA, UNITED STATES

Expert on the global macroeconomic environment

Social

Areas of Expertise (4)

Global Macroeconomic Issues International Monetary System External Imbalances Eurozone

About

Pierre-Olivier Gourinchas grew up in Montpellier, France, and attended Ecole Polytechnique before earning his PhD in Economics from MIT in 1996. He taught at Stanford Graduate School of Business and Princeton University before joining UC Berkeley's Department of Economics. He holds a joint appointment with the Haas School of Business.

Gourinchas' main research interests are in international macroeconomics and finance. His recent research focuses on the scarcity of global safe assets, global imbalances and currency wars (with Ricardo Caballero and Emmanuel Farhi); on the International Monetary System and the role of the U.S. dollar (with Hélène Rey); on the Dominant Currency Paradigm (with Gita Gopinath); on the determinants of capital flows to and from developing countries (with Olivier Jeanne); on international portfolios (with Nicolas Coeurdacier); and on the global financial crisis (with Maury Obstfeld).

Gourinchas is the laureate of the 2007 Bernàcer Prize for best European economist working in macroeconomics and finance under the age of 40, and of the 2008 Prix du Meilleur Jeune Economiste for best French economist under the age of 40. In 2012-2013, Professor Gourinchas was a member of the French Council of Economic Advisers to the Prime Minister. From 2009 to 2016 he was the Editor-in-Chief of the IMF Economic Review. He is Managing Editor of the Journal of International Economics and Co-director of the NBER's International Finance and Macroeconomics Program.

Education (4)

MIT: PhD, Economics

Ecole Nationale des Ponts et Chaussees: MA, Engineering

Ecole des Hautes Etudes en Sciences Sociales: MA, Economics

Ecole Polytechnique: BA, Physics

Honors & Awards (2)

Bernacer prize

Awarded to the best European economist working in macroeconomics and finance under the age of 40
2008

Prix du meilleur jeune economist, for the best French economist

2007

Selected External Service & Affiliations (7)

  • Jan. 2019 - Present - Program director, NBER International Finance and Macroeconomics
  • 2017 - present, Program co-director NBER International Finance and Macroeconomics
  • 2017 - present, Managing Editor, Journal of International Economics
  • 2009-2016, Editor-in-chief, IMF Economic Review
  • 2012 - 2013, Member of the Council of Economic Advisors to the French Prime Minister
  • 2013 - 2018, CEPII Scientific Committee
  • 2011 - present, Bellagio Group

Languages (1)

  • French

Positions Held (1)

At Haas since 2013

2013 – present, Professor of Economics, Haas School of Business
2010 - present, Professor of Economics, UC Berkeley Economics Department
2008 – 2010, Associate Professor of Economics, UC Berkeley Economics Department
2003 – 2008, Assistant Professor of Economics, UC Berkeley Economics Department
1998 – 2003, Assistant Professor of Economics, Princeton University
1996 – 1998, Assistant Professor of Economics, Stanford Graduate School of Business

Media Appearances (4)

The U.S. Economy Is Great and the Fed Doesn't Care

Bloomberg Opinion  online

2019-07-23

The strength of the dollar makes the Fed a global institution. But America's share of global output is receding, as shown in work by Prof. Pierre-Olivier Gourinchas, S.K. and Angela Chan Professor of Global Management and Faculty Director of the Clausen Center for International Business and Policy.

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The weaker British pound is here to stay

Business Insider  online

2017-04-18

"The pound depreciated sharply immediately following the Brexit vote. This reflects market beliefs that Brexit would lead to a persistent decline in the real value of the pound," wrote Pierre-Olivier Gourinchas, director of the Clausen Center for International Business and Policy at the University of California, Berkeley and Galina Hale, a research advisor at the San Francisco Fed.

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Brexit: Whither the Pound?

FRBSF Economic Letter  

2017-04-17

"People of the United Kingdom voted to exit the European Union last June, a process dubbed “Brexit.” The persistent depreciation of the British pound since the vote suggests that U.K. economic conditions will be weakened over the long run following the separation from the EU. This projection of a persistent economic loss is based on the expected reversal of earlier gains from trade with other EU members and reduced cross-border labor flows."

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Free Exchange: More spend, less thrift

The Economist  online

2016-09-03

German budget surpluses are bad for the global economy

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Selected Papers & Publications (10)

The Safe Assets Shortage Conundrum Journal of Economic Perspectives

Pierre-Olivier Gourinchas, Ricardo Caballero and Emmanuel Farhi

2017

When Bonds Matter: Home Bias in Goods and Assets Journal of Monetary Economics

Pierre-Olivier Gourinchas and Nicolas Coeurdacier.

2016

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Capital Flows to Developing Countries: The Allocation Puzzle Review of Economic Studies

Pierre-Olivier Gourinchas and Olivier Jeanne

2013

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The Financial Crisis and The Geography of Wealth Transfers Journal of International Economics

Pierre-Olivier Gourinchas, Hélène Rey and Kai Truempler

2012

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Stories of the Twentieth Century for the Twenty-First American Economic Journal: Macroeconomics

Pierre-Olivier Gourinchas and Maury Obstfeld

2012

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International Prices, Cost and Markup Differences American Economic Association

Gita Gopinath, Pierre-Oliver Gourinchas, Chang-Tai Hsieh, and Nicholas Li

2011

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An Equilibrium Model of `Global Imbalances’ and Low Interest Rates American Economic Review

Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas

2008

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International Financial Adjustment Journal of Political Economy

Pierre-Olivier Gourinchas and Hélène Rey

2007

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The Elusive Gains from International Financial Integration Review of Economic Studies

Pierre-Olivier Gourinchas and Olivier Jeanne

2006

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Consumption over the LifeCycle Econometrica

Pierre-Olivier Gourinchas and Jonathan A. Parker

2002

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Teaching (1)

Economic Analysis for Business Decision-making

EWMBA 201A

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