Papers by Pierre-Olivier Gourinchas

Pierre-Olivier Gourinchas

S.K. and Angela Chan Professor of Global Management · University of California, Berkeley

S.K. and Angela Chan Professor of Global Management at UC Berkeley and director of its Clausen Center, working on international macroeconomics and finance. He was Economic Counsellor and Director of the Research Department at the IMF from 2022 to 2026.

Showing 3 papers

Published American Economic Review Online 1 Nov 2025 Published Nov 2025

A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers

Pierre-Olivier Gourinchas · Walker Ray · Dimitri Vayanos

The paper develops a two-country preferred-habitat model in which currency and bond markets are populated by different investor clienteles — currency traders with price-elastic demand for foreign …

Monetary Policy Asset Pricing International Finance Free Read ↗

Published Classic Review of Economic Studies Online 22 Jan 2013 Published Oct 2013

Capital Flows to Developing Countries: The Allocation Puzzle

Pierre-Olivier Gourinchas · Olivier Jeanne

The textbook neoclassical growth model says countries whose productivity is catching up should invest more and import more capital. Across 68 developing countries over 1980-2000 the cross-country …

Capital Flows International Finance Open Economy Macro Development Economics Economic Growth Free Read ↗

Published Classic American Economic Review Published Mar 2020

Dominant Currency Paradigm

Gita Gopinath · Emine Boz · Camila Casas · Federico J. Díez · Pierre-Olivier Gourinchas · Mikkel Plagborg-Møller

Because most trade is invoiced in a few dominant currencies rather than in the producer's or the destination's currency, it is the dollar exchange rate and not the bilateral one that drives import …

Exchange Rates Trade International Finance Open Economy Macro Monetary Policy Transmission Free Read ↗