Pierre-Olivier Gourinchas

  CV | Research | Teaching | Other  

Policy Contributions, Op-ed and Short Pieces

Brexit: Whither the Pound?, with Galina Hale, San Francisco Federal Reserve Economic Letter, April 17, 2017.

The Structure of the International Monetary System, NBER Reporter, 2016(1).

A proposal to restructure Greek Banks and allow Greece to remain in the Eurozone, with Jacques Delpla, July 6, 2015.

L'Euro dans la Guerre des Monnaies, Jan 2014, (in French; English version here) Note of the French Council of Economic Advisers with Agnes Bénassy-Quéré, Philippe Martin and Guillaume Plantin. Where we argue that since the Fall of 2012 the ECB has followed a markedly less expansionary policy than the Fed, the BOE or the BOJ. We argue that the ECB should pursue more aggressive policies such as purchases of asset-backed securities, targeted long-term refinancing operations, and forward guidance. The note finds argues that such a policy would also lead to a weakening of the Euro, with an estimated positive impact on the region's exports. See also this VOX-EU column.

Francois Hollande, super-keynesian, with Philippe Martin; Le Monde, January 27, 2014 (in French). Where we argue that the Hollande `responsibility pact' is essentially an expansionary fiscal devaluation, and not the austerity policy it is often incorrectly portrayed to be.

Compléter l'Euro, March 2013, (in French; English version here) Note of the French Council of Economic Advisers with Patrick Artus, Agnès Benassy-Quéré, Laurence Boone, Jacques Cailloux, Jacques Delpla, Emmanuel Farhi, Jean Tirole and Guntram Wolff. Where we argue that completing the Euro requires (a) completing the banking union; (b) improving fiscal governance by strengthening the role of independent fiscal councils and of the European parliament; (c) reforming labor markets by introducing a European unemployment insurance tied to the adoption of a flexible European employment contract. See also "L'union monétaire n'est pas condamnée à l'echec" published in Libération, April 17 2013

Compétitivité: un bien étrange débat, with Philippe Martin; Libération, November 4, 2012 (in French). Where we argue that the discussion in France about restoring competitiveness is all muddled!

Global Imbalances and Global Liquidity, in Asia's Role in the Post-Crisis Global Economy, Asian Economic Policy Conference, R. Glick and M. Spiegel eds., Federal Reserve Bank of San Francisco, February 2012.

Understanding Past and Future Financial Crises, with Maury Obstfeld; What explains the different effects of the crisis around the world? This vox-eu column compares the 2007-09 crisis to earlier episodes of banking, currency, and sovereign debt distress and identifies domestic-credit booms and real currency appreciation as the most significant predictors of future crises, in both advanced and emerging economies. It argues these results could help policymakers determine the need for corrective action before crises hit.

Comment eviter l'effondrement de l'Euro , with Philippe Martin and Thomas Philippon; Le Monde, October 18, 2011 (in French). Where we argue that sequencing is important and fiscal reform should come first.

Strong action necessary to douse Greek flames , with Agnès Bessay-Quéré, Peter Bofinger, Elie Cohen, Lars Feld, Wofgang Franz, Jean Pisani-Ferry, Hélène Rey, Christoph Schmidt and Beatrice Weder di Mauro; Financial Times, Les Echos, FT Deutschland, September 27, 2011.

Reforming the International Monetary System , with Emmanuel Farhi and Hélène Rey; CEPR eReport, September 2011 (also available in French as Réformer le Système Monétaire International, Rapport du CAE, 2011). See also the vox-column summarizing the report (September 19, 2011). [Media Coverage: Wall Street Journal.]

2011 International Symposium of the Banque de France, Session I, "What Imbalances after the Crisis?", March 2011. (also available in french.)

Prepared Remarks for the Financial Crisis Inquiry Commission Forum, Washington DC, February 26-27, 2010. See the final report of the commission here.

Global Imbalances and Financial Factors, Review of Economic Dynamics Newsletter, April 2006


Member of the French Council of Economic Advisors, 2012-.
Editor-in-chief, IMF Economic Review, 2009-.
Associate Editor, Journal of International Economics, 2003-2008
Member of the Scientific Committee of the Banque de France, July 2004-2013
Associate Editor, Journal of the European Economic Association, 2004--2008
Panel Member, Economic Policy, 2004-2005
Program Committee member, European Econometric Society 2007, Budapest
Program Committee member, Econometric Society 2005 World Congress, London
Program Committee member, Society of Economic Dynamics 2004 Meeting, Florence

Advising (main advisor and initial placement)

Vladimir Asriyan, CREI, 2014
Victoria Vanasco, Stanford GSB, 2014
Matteo Maggiori, NYU Stern, 2012
Nick Li, University of Toronto, 2011
Ricardo Fernholz, Claremont McKenna, 2011
Guillermo Noguera, Warwick, 2011
Robert Johnson, Dartmouth, 2008
Carlos Felipe Lopez Suarez, CIBC, Canada, 2007
Ethan Kaplan, IIES, Stockholm, 2005
Andrea Tambalotti, NY Federal Reserve Bank, 2004
Nikola Tarashev, BIS, 2004
Gita Gopinath, Chicago Booth, 2001
Klaus Desmet, Carlos III, Madrid, 1998


Research Associate, National Bureau of Economic Research
 International Finance and Macroeconomics (1998--);
 Economics Fluctuations and Growth (2001--);
 Asset Pricing (2006--)
Research Fellow, Center for Economic Policy research, International Macroeconomics (1999--)
Research Fellow, International Growth Center.

Public Stuff

Prepared Remarks for the Financial Crisis Inquiry Commission Forum Washington DC, February 26-27, 2010.
Radio appearance on KQED "Forum", December 09, 2003, 09h00-10h00.
Panel on the weakening dollar.(click here for an audio transcript)

Financial Disclosures, 2010-

Lecturer, International Monetary Fund Institute, April. 2017
Lecturer, International Monetary Fund Institute, April. 2014
Speaking Engagement, Associés en Finance, February 2013
Lecturer, International Monetary Fund Institute, Nov. 2012
Invited Speaker, BIS Annual Conference, Lucerne, July 2012
Speaking Engagement, Ernst & Young France, December 2011
Invited Speaker, Asia Economic Policy Conference, Federal Reserve Bank of San Francisco, Nov. 2011
Visiting Scholar, Banco Central de Chile, Apr. 2010
Plenary Speaker, AXA IM Economic Symposium, Mar. 17 2011
Speaking Engagement, The Capital Group, Feb. 2011
Lecturer, International Monetary Fund Institute, Jan. 2011
Visiting Lecturer, Paris School of Economics, Jun. 2010
World Bank DEC Lecture, "Imbalances, Global Financial Stability and Growth in a Post-Crisis World", Apr. 2010.
Research Grant on "External Volatility and Macro Insurance," International Growth Center, RA-2009-11-002, Jun. 2010-Mar. 2012
Collaborative Research Grant: International Prices, Costs and Mark-ups, National Science Fondation, SES0820241, 2008-2011
Editor-in-chief, IMF Economic Review, 2009-
Visiting Researcher, Federal Reserve Bank of San Francisco, 2008-