hero image
Pierre-Olivier Gourinchas - Haas School of Business, University of California, Berkeley. Berkeley, CA, UNITED STATES

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. He attended Ecole Polytechnique and received his PhD in Economics in 1996 from MIT. He taught at Stanford Graduate School of Business and Princeton University before joining UC Berkeley department of economics.

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, Gourinchas was a member of the French Council of Economic Advisors to the Prime Minister. From 2009 to 2016 he was the editor-in-chief of the IMF Economic Review and from 2017 to 2019 the managing editor of the Journal of International Economics. He is currently co-editor of the American Economic Review and director of the NBER's International Finance and Macroeconomics Program.

Multimedia

Publications:

Documents:

Photos:

Videos:

Pierre-Olivier Gourinchas Youtube

Audio/Podcasts:

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 (7)

IMF names UC-Berkeley's Gourinchas as next chief economist

Reuters  online

2022-01-10

Gourinchas has written extensively in recent years on the implications of the U.S. dollar's position as the world's dominant reserve currency. A 2019 paper concluded that the dollar's "hegemony" is not sustainable and the greenback eventually will likely co-exist with China's yuan and possibly the euro as dominant currencies.

view more

The COVID-19 Default Time Bomb

Project Syndicate  online

2020-04-09

Without a comprehensive debt moratorium, the COVID-19 pandemic will lead to a wave of uncontrolled sovereign defaults, especially among emerging and developing economies, writes Pierre-Olivier Gourinchas, the S.K. and Angela Chan Professor of Global Management and faculty director of the Clausen Center for International Business and Policy. Should that happen, global efforts to contain the public health crisis will fail and economic collapse may well turn into a permanent decline.

view more

Flatten the Curve of Infection and the Curve of Recession at the Same Time

Foreign Affairs  online

2020-03-26

After wasting nearly three months watching the pandemic crisis from afar, Americans awoke to a new reality in the last two weeks: no one is spared. The world is engaged in a momentous battle against an invisible enemy.

view more

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

Bloomberg  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.

view more

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.

view more

Brexit: Whither the Pound?

FRBSF Economic Letter  online

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."

view more

Free Exchange: More spend, less thrift

The Economist  online

2016-09-03

German budget surpluses are bad for the global economy

view more

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

view more


Capital Flows to Developing Countries: The Allocation Puzzle


Review of Economic Studies

Pierre-Olivier Gourinchas and Olivier Jeanne

2013

view more


The Financial Crisis and The Geography of Wealth Transfers


Journal of International Economics

Pierre-Olivier Gourinchas, Hélène Rey and Kai Truempler

2012

view more


Stories of the Twentieth Century for the Twenty-First


American Economic Journal: Macroeconomics

Pierre-Olivier Gourinchas and Maury Obstfeld

2012

view more


International Prices, Cost and Markup Differences


American Economic Association

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

2011

view more


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


American Economic Review

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

2008

view more


International Financial Adjustment


Journal of Political Economy

Pierre-Olivier Gourinchas and Hélène Rey

2007

view more


The Elusive Gains from International Financial Integration


Review of Economic Studies

Pierre-Olivier Gourinchas and Olivier Jeanne

2006

view more


Consumption over the LifeCycle


Econometrica

Pierre-Olivier Gourinchas and Jonathan A. Parker

2002

view more


Teaching (1)

Economic Analysis for Business Decision-making

EWMBA 201A

 Your profile is not published.

Contact