Areas of Expertise (4)
Global Macroeconomic Issues
International Monetary System
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.
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)
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
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
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 (6)
The COVID-19 Default Time Bomb
Project Syndicate online
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.
Flatten the Curve of Infection and the Curve of Recession at the Same Time
Foreign Affairs online
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.
The U.S. Economy Is Great and the Fed Doesn't Care
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.
The weaker British pound is here to stay
Business Insider online
"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.
Brexit: Whither the Pound?
FRBSF Economic Letter online
"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."
Free Exchange: More spend, less thrift
The Economist online
German budget surpluses are bad for the global economy
Selected Papers & Publications (10)
The Safe Assets Shortage ConundrumJournal of Economic Perspectives
Pierre-Olivier Gourinchas, Ricardo Caballero and Emmanuel Farhi
When Bonds Matter: Home Bias in Goods and AssetsJournal of Monetary Economics
Pierre-Olivier Gourinchas and Nicolas Coeurdacier.
Capital Flows to Developing Countries: The Allocation PuzzleReview of Economic Studies
Pierre-Olivier Gourinchas and Olivier Jeanne
The Financial Crisis and The Geography of Wealth TransfersJournal of International Economics
Pierre-Olivier Gourinchas, Hélène Rey and Kai Truempler
Stories of the Twentieth Century for the Twenty-FirstAmerican Economic Journal: Macroeconomics
Pierre-Olivier Gourinchas and Maury Obstfeld
International Prices, Cost and Markup DifferencesAmerican Economic Association
Gita Gopinath, Pierre-Oliver Gourinchas, Chang-Tai Hsieh, and Nicholas Li
An Equilibrium Model of `Global Imbalances’ and Low Interest RatesAmerican Economic Review
Ricardo J. Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas
International Financial AdjustmentJournal of Political Economy
Pierre-Olivier Gourinchas and Hélène Rey
The Elusive Gains from International Financial IntegrationReview of Economic Studies
Pierre-Olivier Gourinchas and Olivier Jeanne
Consumption over the LifeCycleEconometrica
Pierre-Olivier Gourinchas and Jonathan A. Parker
Economic Analysis for Business Decision-making