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User profiles for author:"Pierre-Olivier Gourinchas"

Pierre-Olivier Gourinchas

Professor of Economics, UC Berkeley
Verified email at berkeley.edu
Cited by 4186

Consumption over the life cycle

[PDF] from wisc.edu
Full text - MIT Libraries
PO Gourinchas… - Econometrica, 2002 - Wiley Online Library
This paper estimates a structural model of optimal life-cycle consumption expenditures in the
presence of realistic labor income uncertainty. We employ synthetic cohort techniques and
Consumer Expenditure Survey data to construct average age-profiles of consumption and ...
Cited by 967 - Related articles - BL Direct - All 35 versions

An equilibrium model of" global imbalances" and low interest rates

[PDF] from escholarship.org
RJ Caballero, E Farhi… - 2006 - nber.org
Three of the most important recent facts in global macroeconomics--the sustained rise in the
US current account deficit, the stubborn decline in long run real rates, and the rise in the
share of US assets in global portfolio--appear as anomalies from the perspective of ...
Cited by 579 - Related articles - Library Search - BL Direct - All 76 versions

International financial adjustment

[PDF] from escholarship.org
PO Gourinchas… - 2005 - nber.org
The paper proposes a unified framework to study the dynamics of net foreign assets and
exchange rate movements. We show that deteriorations in a country's net exports or net
foreign asset position have to be matched either by future net export growth (trade ...
Cited by 416 - Related articles - Library Search - BL Direct - All 98 versions

[PDF] From world banker to world venture capitalist: US external adjustment and the exorbitant privilege

[PDF] from nber.org
PO Gourinchas… - 2007 - nber.org
This paper takes a fresh look at the historical evolution of the United States external position
over the postwar period by carefully constructing the US gross asset and liability positions
since 1952 from underlying data and applying appropriate valuations to each component. ...
Cited by 403 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - BL Direct - All 50 versions

The elusive gains from international financial integration

[PDF] from j-bradford-delong.net
Full text - MIT Libraries
PO Gourinchas… - Review of Economic Studies, 2006 - Wiley Online Library
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of convergence.
We show in a calibrated neoclassical model that conventionally measured welfare gains ...
Cited by 268 - Related articles - Library Search - BL Direct - All 47 versions

Lending booms: Latin America and the world

[PDF] from cepr.org
PO Gourinchas, R Valdes… - 2001 - nber.org
Recent theories of crisis put lending booms at the root of financial collapses. Yet lending
booms may be a natural consequence of economic development and fluctuations. So are
lending booms dangerous? In this paper, we investigate empirically this question using a ...
Cited by 246 - Related articles - Library Search - BL Direct - All 21 versions

Capital flows to developing countries: The allocation puzzle

[PDF] from ucdavis.edu
PO Gourinchas… - 2007 - nber.org
According to the consensus view in growth and development economics, cross country
differences in per-capita income largely reflect differences in countries' total factor
productivity. We argue that this view has powerful implications for patterns of capital flows: ...
Cited by 183 - Related articles - Library Search - BL Direct - All 98 versions

Financial crash, commodity prices and global imbalances

[PDF] from harvard.edu
RJ Caballero, E Farhi… - 2008 - nber.org
The research activities of the NBER are funded by grants from federal research agencies, by
private foundations, and by generous donations from our corporate associates and from
private individuals. The NBER is a non-profit, 501 (c)(3) organization. For information on ...
Cited by 146 - Related articles - Library Search - All 40 versions

Exchange rates do matter: French job reallocation and exchange rate turbulence, 1984–1992

[PDF] from conium.org
Full text - MIT Libraries
PO Gourinchas - European Economic Review, 1999 - Elsevier
This paper evaluates the impact of exchange rate fluctuations on inter-and intra-sectoral job
reallocation. First, a vintage model of factor reallocation in a small open economy facing real
exchange rate fluctuations is developed. Movements in the real exchange rates affect the ...
Cited by 115 - Related articles - All 11 versions

[PDF] Exchange rates and jobs: What do we learn from job flows?

[PDF] from nber.org
PO Gourinchas - 1999 - nber.org
This paper investigates the effect of real-exchange-rate movements on net and gross job
reallocation in the US manufacturing sector. Interpreting real-exchange-rate shocks as
reallocation shocks, it then draws implications for modern business-cycle theories. Real ...
Cited by 101 - Related articles - View as HTML - Library Search - BL Direct - All 16 versions

Exchange rate puzzles and distorted beliefs

[PDF] from escholarship.org
Full text - MIT Libraries
PO Gourinchas… - Journal of International Economics, 2004 - Elsevier
We propose a new explanation for the foreign exchange forward-premium and delayed-
overshooting puzzles. We show that both puzzles arise from a systematic distortion in
investors' beliefs about the interest rate process. Accordingly, the forward premium is ...
Cited by 96 - Related articles - All 15 versions

The empirical importance of precautionary saving

[PDF] from psu.edu
PO Gourinchas… - 2001 - nber.org
One of the basic motives for saving is the accumulation of wealth to insure future welfare.
Both introspection and extant research on consumption insurance find that people face
substantial risks that they do not fairly pool. In theory, the consumption and wealth ...
Cited by 93 - Related articles - Library Search - BL Direct - All 24 versions

[PDF] Lending booms: Some stylized facts

[PDF] from berkeley.edu
PO Gourinchas, R Valdes… - IMF Seminar …, 1999 - ist-socrates.berkeley.edu
*A previous version of this paper was prepared for the Second Annual Conference of the Central
Bank of Chile \Banking, Financial Integration, and Macroeconomic Stability," Santiago,
Chile, 1998. We thank Peter Henry, Alejandra Roizen, Klaus Schmidt-Hebbel and Aaron ...
Cited by 55 - Related articles - View as HTML - All 6 versions

When bonds matter: Home bias in goods and assets

[PDF] from cepr.org
N Coeurdacier… - 2011 - nber.org
This paper presents a model of international portfolios with real exchange rate and non
financial risks that accounts for observed levels of equity home bias. A key feature is that
investors can trade equities as well as domestic and foreign real bonds. Bonds matter: in ...
Cited by 50 - Related articles - All 49 versions

[PDF] On the benefits of capital account liberalization for emerging economies

[PDF] from cepr.eu
PO Gourinchas… - … , Financial Globalization: A Blessing or a …, 2002 - cepr.eu
Abstract Standard theoretical arguments tell us that countries with relatively little capital
benefit from financial integration as foreign capital flows in and speeds up the process of
convergence. We show in calibrated exercises that conventionally measured welfare ...
Cited by 45 - Related articles - View as HTML - All 16 versions

[PDF] Social security and inequality over the life cycle

[PDF] from nber.org
AS Deaton, PO Gourinchas… - 2002 - nber.org
This chapter explores the consequences of Social Security reform for the inequality of
consumption across individuals. The basic idea is that inequality is at least in part the
consequence of individual risk in earnings or asset returns. In each period, each person ...
Cited by 33 - Related articles - View as HTML - Library Search - BL Direct - All 19 versions

[BOOK] The elusive gains from international financial integration

[PDF] from berkeley.edu
PO Gourinchas… - 2004 - books.google.com
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of income
convergence. We show in a calibrated neoclassical model that conventionally measured ...
Cited by 29 - Related articles - Get it from MIT Libraries - Library Search - All 23 versions

Exchange rate dynamics, learning and misperception

[PDF] from bc.edu
PO Gourinchas… - 2002 - nber.org
We propose a new explanation for the forward-premium and the delayed-overshooting
puzzles. Both puzzles arise from a systematic under-reaction of short-term interest rate
forecasts to current innovations. Accordingly, the forward premium is always a biased ...
Cited by 30 - Related articles - Library Search - BL Direct - All 23 versions

Estimating the border effect: some new evidence

[PDF] from bcrp.gob.pe
G Gopinath, PO Gourinchas, CT Hsieh… - 2009 - nber.org
To what extent do national borders and national currencies impose costs that segment
markets across countries? To answer this question we use a dataset with product level retail
prices and wholesale costs for a large grocery chain with stores in the US and Canada. ...
Cited by 24 - Related articles - Library Search - All 47 versions

[PDF] Precautionary Savings, Life Cycle and Macroeconomics

[PDF] from berkeley.edu
PO Gourinchas - Unpublished paper, Princeton …, 2000 - ist-socrates.berkeley.edu
Abstract This paper explores the implications of precautionary saving and life cycle behavior
for aggregate fluctuations and individual dynamics. Existing heterogenous agent models of
the business cycle, with labor income uncertainty and incomplete markets, yield ...
Cited by 23 - Related articles - View as HTML - All 6 versions

Exchange rate dynamics and learning

PO Gourinchas… - 1996 - nber.org
Interest rate expectations are essential for exchange rate determination. Using a unique
Survey data set on interest rate forecasts from 1986 to 1995 for G7 countries, we find that
interest rate shocks were significantly more persistent in sample than expected by the ...
Cited by 23 - Related articles - Library Search - BL Direct - All 9 versions

[BOOK] Exorbitant privilege and exorbitant duty

[PDF] from queensu.ca
PO Gourinchas, H Rey… - 2010 - jdi.econ.queensu.ca
Abstract We update and improve the Gourinchas and Rey (2007a) dataset of the historical
evolution of US external assets and liabilities at market value since 1952 to include the
recent crisis period. We find strong evidence of a sizeable excess return of gross assets ...
Cited by 25 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 43 versions

[PDF] Capital mobility and reform

[PDF] from berkeley.edu
PO Gourinchas… - IMF Manuscript (Washington …, 2005 - ist-socrates.berkeley.edu
Abstract Financial globalization is commonly viewed as a powerful force in constraining or
disciplining domestic policies. This paper presents a model that captures various ways in
which international capital mobility affects domestic policy incentives. Capital mobility ...
Cited by 17 - Related articles - View as HTML - All 4 versions

International prices, costs and markup differences

[PDF] from berkeley.edu
N Li, G Gopinath, PO Gourinchas… - American Economic …, 2010 - works.bepress.com
Abstract Relative cross-border retail prices, in a common currency, comoves closely with the
nominal exchange rate. Using a data set with product level retail prices and wholesale costs
for a large grocery chain operating in the US and Canada, we decompose this variation ...
Cited by 15 - Related articles - All 14 versions

[BOOK] Reforming the international monetary system

[PDF] from cepr.org
E Farhi, PO Gourinchas… - 2011 - books.google.com
This report presents a set of concrete proposals of increasing ambition for the reform of the
international monetary system. The proposals aim at improving the international provision of
liquidity in order to limit the effects of individual and systemic crises and decrease their ...
Cited by 13 - Related articles - Get it from MIT Libraries - All 19 versions

«the elusive benefits from international financial integration»

PO Gourinchas… - NBER working Paper, 2003 - ist-socrates.berkeley.edu
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of convergence.
We show in a calibrated neoclassical model that conventionally measured welfare gains ...
Cited by 10 - Related articles - Cached

[CITATION] Comments on “Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle?”, by O. Blanchard and F. Giavazzi

PO Gourinchas - Brookings Papers on Economic Activity, 2002
Cited by 10 - Related articles - Get it from MIT Libraries

[CITATION] Valuation effects and external adjustment: A review

PO Gourinchas - Central Banking, Analysis, and Economic Policies …, 2008 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
Cited by 10 - Related articles - Cached - All 3 versions

[CITATION] On the Benefits of Capital Account Liberalization

PO Gourinchas… - 2002 - Princeton University Working paper
Cited by 8 - Related articles

[CITATION] The Research Agenda: Pierre-Olivier Gourinchas on Global Imbalances and Financial Factors

PO Gourinchas - EconomicDynamics Newsletter, 2006 - econpapers.repec.org
Abstract: Pierre-Olivier Gourinchas is Assistant Professor of Economics at the University of
California, Berkeley. His main lines of research are on precautionary savings and international
financial integration. ... Related works: This item may be available elsewhere in ...
Cited by 8 - Related articles - Cached - All 5 versions

Stories of the twentieth century for the twenty-first

[PDF] from sciences-po.fr
PO Gourinchas… - 2011 - nber.org
A key precursor of twentieth-century financial crises in emerging and advanced economies
alike was the rapid buildup of leverage. Those emerging economies that avoided leverage
booms during the 2000s also were most likely to avoid the worst effects of the twenty-first ...
Cited by 8 - Related articles - Library Search - All 24 versions

[PDF] Valuation effects and external adjustment: a review

[PDF] from bcentral.cl
PO Gourinchas - Prepared for the 2006 annual conference of the …, 2007 - bcentral.cl
Abstract This paper surveys the recent empirical and theoretical literature on valuation
effects. The increase in cross-border holdings of financial assets opens the door to
significant adjustments in a country's external position in response to fluctuations in asset ...
Cited by 6 - Related articles - View as HTML - Library Search - All 14 versions

[CITATION] An Equilibrium Model of “Global Imbalances” and Low Interest Rate

CJ Ricardo, E Farhi… - NBER Working Paper Series, 2006
Cited by 5 - Related articles

[PDF] US Monetary Policy,'Imbalances' and the Financial Crisis

[PDF] from berkeley.edu
PO Gourinchas - remarks for the Financial Crisis Inquiry …, 2010 - ist-socrates.berkeley.edu
The proximate causes of the financial crisis that started in the summer of 2007 are by now
well identified (Brunnermeier (2009)). Cheap and poorly documented mortgage financing
helped fuel an unsustainable housing boom in the US that came to a halt in early 2006. ...
Cited by 4 - Related articles - View as HTML - All 16 versions

[PDF] Financial “Whac-a-Mole”: Bubbles, Commodity Prices and Global Imbalances

[PDF] from worldbank.org
RJ Caballero, E Farhi… - Brookings Papers …, 2008 - siteresources.worldbank.org
This paper provides theoretical and empirical evidence to support the proposition that three
of the major global macroeconomic phenomena of recent years–the persistent global
imbalances, the subprime crisis, and the volatile oil prices that followed it–are tightly ...
Cited by 4 - Related articles - View as HTML - Get it from MIT Libraries - All 8 versions

[PDF] US external adjustment: the exorbitant privilege

[PDF] from conium.org
PO Gourinchas… - University of California, Berkeley, and …, 2005 - conium.org
Abstract This paper looks at a number of issues regarding the US external adjustment. It also
details the construction of US gross and net foreign asset positions at market value. MUCH MORE
TO COME. ... 1 Detailed Description of the Construction of the International
Cited by 3 - Related articles - View as HTML - All 3 versions

[CITATION] Comments and Discussion

Full text - MIT Libraries
KM Dominguez… - Brookings Papers on …, 2005 - en.scientificcommons.org
Cited by 3 - Related articles - Cached - All 3 versions

[CITATION] February 2005 International Financial Adjustment

PO Gourinchas… - NBER Working Paper
Cited by 3 - Related articles

[CITATION] Forthcoming.“Consumption Over the Life Cycle.”

PO Gourinchas… - Econometrica
Cited by 3 - Related articles - Get it from MIT Libraries

[PDF] Cross-Border Prices, Costs and Mark-ups

[PDF] from nber.org
G Gopinath, PO Gourinchas… - Harvard University, 2008 - nber.org
Abstract We use data on retail prices and wholesale costs for detailed products at the
barcode level from 325 stores of a large grocery chain to measure the effect of the US-
Canadian border on market segmentation. Theoretically, we use a model of pricing and ...
Cited by 3 - Related articles - View as HTML - All 6 versions

[CITATION] World Bankers

PO Gourinchas, C Lopez… - presentation at American Economic Association …, 2007
Cited by 3 - Related articles

[CITATION] RConsumption Over the Life Cycle," unpublished paper

PO Gourinchas… - 1996 - MIT
Cited by 3 - Related articles

[CITATION] From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege

G Pierre-Olivier… - 2005 - NBER WP
Cited by 2 - Related articles

[CITATION] Valuation Effects and External Adjustment: A Review, prepared for the 2006 Annual Conference of the Central Bank of Chile

PO Gourinchas - 2007
Cited by 2 - Related articles

[CITATION] Credit Booms: The Stylized Facts

PO Gourinchas, O Landerretche… - Central Bank of Chile, mimeo, 1998
Cited by 2 - Related articles

[CITATION] An equilibrium model of “global imbalances” and low interest rates. January 2006

R Caballero, E Farhi… - MIT working paper 06-02
Cited by 2 - Related articles

The financial crisis and the geography of wealth transfers

[PDF] from london.edu
PO Gourinchas, H Rey… - 2011 - nber.org
This paper studies the geography of wealth transfers during the 2008 global financial crisis.
We construct valuation changes on bilateral external positions in equity, direct investment
and portfolio debt at the height of the crisis to map who benefited and who lost on their ...
Cited by 2 - Related articles - Library Search - All 10 versions

[CITATION] mAn Equilibrium Model of mGlobal Imbalancesnn

R Caballero, E Farhi… - 2006 - mimeo, University of Cali& fornia, …
Cited by 2 - Related articles

[CITATION] 'Exchange Rates, Job Creation, and Job Destruction

PO Gourinchas - NBER Macroeconomics Annual, ed. Ben Bernanke, …, 1998
Cited by 2 - Related articles

[CITATION] qInternational Fi'financial Adjustment, rJournal of Political Economy 115

PO Gourinchas… - 2007
Cited by 2 - Related articles

[CITATION] Olivier jeanne (2006):" Capital Flows to Developing Countries: The Allocation Puzzle

PO Gourinchas - IMF Working Paper
Cited by 2 - Related articles - Get it from MIT Libraries

Financial Globalisation

B Eichengreen, D Leblang, BC Kho, RM Stulz… - 2000 - bis.org
On 19–20 June 2006, the BIS held its fifth Annual Conference, on Financial Globalisation, in
Brunnen, Switzerland. The event brought together some 60 senior representatives of central
banks, academic institutions and the private sector to exchange views on this topic. This ...
Cited by 2 - Related articles - Cached

[CITATION] G7 Current Account Imbalances: Sustainability and Adjustment

PO Gourinchas, H Rey… - 2007 - University of Chicago Press
Cited by 2 - Related articles

[CITATION] kAn equilibrium model of iglobal imbal# ancesjand low interest ratesl

R Caballero, E Farhi… - American Economic Review, 2008
Cited by 6 - Related articles - Get it from MIT Libraries

Capital Flows to Developing Countries: the Allocation Puzzle

O Jeanne… - 2005 Meeting Papers, 2005 - papers.ssrn.com
Abstract: The textbook neoclassical growth model predicts that countries with faster
productivity growth should invest more and attract more foreign capital. We show that the
allocation of capital flows across developing countries is the opposite of this prediction: ...
Cited by 1 - Related articles - All 6 versions

Federal transfers, decentralization and the labor market

[PDF] from psu.edu
PO Gourinchas - Annales d'Économie et de Statistique, 1997 - JSTOR
This paper analyzes the case for fiscal federal transfers in a Monetary Union. Looking at the
labor market structure, it emphasizes the incentive effect of any federal transfer scheme
insuring workers against bad draws. When the wage negociation process occurs at the ...
Cited by 1 - Related articles - Get it from MIT Libraries - BL Direct - All 12 versions

DP7064 Financial Crash, Commodity Prices and Global Imbalances

R Caballero, E Farhi… - 2008 - cepr.org
In this paper we argue that the persistent global imbalances, the subprime crisis, and the
volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a
global environment where sound and liquid financial assets are in scarce supply. Our ...
Cached - All 3 versions

[DOC] Understanding past and future financial crises

[DOC] from tek.org.tr
PO Gourinchas… - tek.org.tr
What explains the different effects of the crisis around the world? This 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 ...
Related articles - View as HTML

[PDF] Macroeconomics (ESSIM) 2008

[PDF] from bde.es
N Coeurdacier… - 2008 - bde.es
Abstract Recent models of international equity portfolios exhibit two potential weaknesses:
1) the structure of equilibrium equity portfolios is determined by the correlation of equity
returns with real exchange rates; yet empirically equities don't appear to be a good hedge ...
Related articles - View as HTML - All 19 versions

DP2811 Lending Booms: Latin America and the World

PO Gourinchas, O Landerretche… - 2001 - cepr.org
Recent theories on the origins of crises put lending booms at the root of financial collapses.
Yet lending booms may be a natural consequence of economic development and
fluctuations. So, are lending booms dangerous? In this Paper, we investigate this question ...
Cached - All 3 versions

[Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle?]. Comments and Discussion

Full text - MIT Libraries
WH Buiter… - Brookings papers on economic activity, 2002 - JSTOR
Willem H. Buiter: This paper by Olivier Blanchard and France? co Giavazzi addresses two
distinct issues. The first concerns the behavior of the current account in a country that is
undergoing greater international financial and trade integration while, starting from low ...
Related articles - All 5 versions

Economic Linkages, Spillovers, and the Financial Crisis—1

Full text - MIT Libraries
PO Gourinchas… - IMF Economic Review, 2010 - palgrave-journals.com
The devastating impact of the global financial crisis on the world economy has been well
documented by now: the crisis led to the deepest and most synchronized global recession
over the past 70 years. This singular and dramatic event generated many questions. One ...
All 6 versions

Edwards, Ben, 52, 55 Eisenhower, JG, 418 Ellison, Glenn, 276nl9 Elmendorf, Douglas, 18nl7, 268n8

JE Faber, A Finkelstein, M Flavin… - … aspects of social …, 2002 - books.google.com
Author Index Aaron, Henry, 16n8, 150, 152, 154, 168–70, 177, 202 Abel, Andrew, 88, 109
Akerlof, George, 396n2 Altig, David, 153, 327n1, 329, 331 Altonji, Joseph, 88 Arrau, Patricio,
328 Atkinson, Anthony B., 87, 88 Attanasio, OP, 406 Auerbach, Alan, 85, 109, 152, 327, ...
All 2 versions

Economic Linkages, Spillovers, and the Financial Crisis—2

PO Gourinchas… - IMF Economic Review, 2011 - palgrave-journals.com
The devastating impact of the global financial crisis on the world economy has been well
documented by now: the crisis led to the deepest and most synchronized global recession
over the past 70 years. This singular and dramatic event generated many questions. One ...
Related articles - Get it from MIT Libraries - All 5 versions

DP6561 Capital Flows to Developing Countries: The Allocation Puzzle

PO Gourinchas… - 2007 - cepr.org
According to the consensus view in growth and development economics, cross country
differences in per-capita income largely reflect differences in countries' total factor
productivity. We argue that this view has powerful implications for patterns of capital flows: ...
Cached - All 3 versions

DP4923 International Financial Adjustment

PO Gourinchas… - 2005 - cepr.org
The Paper proposes a unified framework to study the dynamics of net foreign assets and
exchange rate movements. We show that deteriorations in a country's net exports or net
foreign asset position have to be matched either by future net export growth (trade ...
Cached - All 3 versions

[CITATION] G7 Current Account Imbalances: Sustainability and Adjustment: From World Banker to World Venture Capitalist: US External Adjustment and the …

PO Gourinchas… - 2011 - papers.ssrn.com
This paper takes a fresh look at the historical evolution of the United States external position
over the postwar period by carefully constructing the US gross asset and liability positions
since 1952 from underlying data and applying appropriate valuations to each component. ...
Related articles

[CITATION] The US Foreign Asset Position

PO Gourinchas, H Rey…
All 2 versions

DP8518 Stories of the Twentieth Century for the Twenty-First

PO Gourinchas… - 2011 - cepr.org
A key precursor of twentieth-century financial crises in emerging and advanced economies
alike was the rapid buildup of leverage. Those emerging economies that avoided leverage
booms during the 2000s also were most likely to avoid the worst effects of the twenty-first ...
Cached - All 3 versions

DP8649 When Bonds Matter: Home Bias in Goods and Assets

N Coeurdacier… - 2011 - cepr.org
This paper presents a model of international portfolios with real exchange rate and non
financial risks that accounts for observed levels of equity home bias. A key feature is that
investors can trade equities as well as domestic and foreign real bonds. Bonds matter: in ...
Cached - All 3 versions

[PDF] Online Appendix for “International Financial Adjustment”

[PDF] from conium.org
PO Gourinchas… - 2007 - conium.org
The first robustness check consists in using Christiano and Fitzgerald's (2003) asymmetric
bandpass filter as an alternative to the Hodrick-Prescott filter (footnote 19 in Gourinchas and
Rey (2007)). The second robustness check looks at the detrending of the returns on gross ...
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DP5220 From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege

PO Gourinchas… - 2005 - cepr.org
Does the centre country of the International Monetary System enjoy an'exorbitant
privilege'that significantly weakens its external constraint as has been asserted in some
European quarters? Using a newly constructed dataset, we perform a detailed analysis of ...
Cached - All 3 versions

DP8567 The Financial Crisis and the Geography of Wealth Transfers

PO Gourinchas, H Rey… - 2011 - cepr.org
This paper studies the geography of wealth transfers during the 2008 global financial crisis.
We construct valuation changes on bilateral external positions in equity, direct investment
and portfolio debt at the height of the crisis to map who benefited and who lost on their ...
Cached - All 3 versions

financial market imperfections for the behavior of asset prices. Carnegie-Rochester Conference Series on Public Policy 42: 1-32. and.(1996). Evaluating the effects of …

PO GOURINCHAS - NBER Macroeconomics Annual 2002, 2003 - books.google.com
It is a pleasure to discuss this paper by Charles Engel. In recent years, Engel has been a
major contributor to the new-open-economy macro (NOEM) literature. This literature,
pioneered by Obstfeld and Rogoff (1995), aims to build models of the open economy in ...

[CITATION] Essays on exchange rates, and consumption

OJ Blanchard, PO Gourinchas - 1996 - dspace.mit.edu
Page 1. Page 2. Page 3. Page 4. Page 5. Page 6. Page 7. Page 8. Page 9. Page 10. Page 11.
Page 12. Page 13. Page 14. Page 15. Page 16. Page 17. Page 18. Page 19. Page 20. Page
21. Page 22. Page 23. Page 24. Page 25. Page 26. Page 27. Page 28. Page 29. Page 30. Page ...
All 2 versions

[PDF] International Reserves in Emerging Market Countries: Too Much of a Good Thing?

[PDF] from 128.220.160.198
F Goncalves, PO Gourinchas, N Marion, J Ostry… - 128.220.160.198
WITH INTERNATIONAL reserves four times as large, in terms of their GDP, as in the early
1990s, emerging market countries seem more protected than ever against shocks to their
current and capital accounts. Some have argued that this buildup in reserves might be ...
View as HTML

DP2345 Consumption Over the Life-Cycle

PO Gourinchas… - 2000 - temporaryaddress.cepr.org
This paper employs cohort technique and Consumer Expenditure Survey data to construct
average age-profiles of consumption and income over the working lives of typical
households across different education and occupation groups. Using these profiles, we ...
Cached - All 4 versions

[CITATION] Macroeconomic and Financial Policies after the Crisis

PO Gourinchas… - IMF Economic Review, 2011 - palgrave-journals.com
* Pierre-Olivier Gourinchas is the editor of the IMF Economic Review and a professor of
Economics at UC Berkeley. M. Ayhan Kose is the co-editor of the Review and an assistant to
the Director in the Research Department of the IMF. The views expressed in this paper are ...
Get it from MIT Libraries - All 6 versions

DP5573 An Equilibrium Model of'Global Imbalances' and Low Interest Rates

R Caballero, E Farhi… - 2006 - cepr.org
Three of the most important recent facts in global macroeconomics-the sustained rise in the
US current account deficit, the stubborn decline in long run real rates, and the rise in the
share of US assets in global portfolio-appear as anomalies from the perspective of ...
Cached - All 3 versions

[PDF] Capital Mobility and Reform

[PDF] from perjacobsson.org
O Jeanne… - 2005 - perjacobsson.org
Abstract Financial globalization is commonly viewed as a powerful force in constraining or
disciplining domestic policies. This paper presents a model that captures various ways in
which international capital mobility affects domestic policy incentives. Capital mobility ...
Related articles - View as HTML - All 3 versions

[Is the US Current Account Deficit Sustainable? If Not, How Costly Is Adjustment Likely to Be?]. Comments and Discussion

KME Dominguez… - Brookings Papers on Economic Activity, 2005 - JSTOR
Discussion Kathryn ME Dominguez: The US current account deficit at the end of 2004
reached 5 percent of GDP, a remarkably high number and far outside the experience of any
other large developed country. This paper by Sebastian Edwards examines the factors ...
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[CITATION] Arrival of Regular Issues

PO Gourinchas… - IMF Economic Review, 2011 - palgrave-journals.com
* Pierre-Olivier Gourinchas is the Editor of the IMF Economic Review and a professor of
Economics at UC Berkeley. M. Ayhan Kose is the Co-Editor of the Review and an Assistant
to the Director in the Research Department of the IMF. The views expressed in this paper ...
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[CITATION] Capital Mobility, Property Rights and Economic Development

O Jeanne… - 2004 Meeting Papers, 2004 - econpapers.repec.org
By Olivier Jeanne and Pierre-Olivier Gourinchas; Abstract:
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DP2737 The Empirical Importance of Precautionary Saving

PO Gourinchas… - 2001 - cepr.org
One of the basic motives for saving is the accumulation of wealth to insure future welfare.
Both introspection and extant research on consumption insurance find that people face
substantial risks that they do not fairly pool. In theory, the consumption and wealth ...
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[CITATION] Center for International and Development Economics Research

PO Gourinchas… - University of California, Berkeley, 2005
All 2 versions

DP7281 Estimating the Border Effect: Some New Evidence

G Gopinath, PO Gourinchas, CT Hsieh… - 2009 - cepr.org
To what extent do national borders and national currencies impose costs that segment
markets across countries? To answer this question we use a dataset with product level retail
prices and wholesale costs for a large grocery chain with stores in the US and Canada. ...
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[CITATION] CURRENT ACCOUNT DEFICITS IN THE EURO AREA: THE END OF THE FELDSTEIN-HORIOKA PUZZLE?/COMMENTS AND DISCUSSION

O Blanchard, F Giavazzi, WH Buiter… - Brookings Papers on …, 2000 - elibrary.ru
Аннотация The fact that both Portugal and Greece are members of both the European
Union and the euro area, and the fact that they are the 2 poorest members of both groups,
suggest a natural explanation for today's current account deficits. They are exactly what ...
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DP3725 Exchange Rate Dynamics, Learning and Misperception

PO Gourinchas… - 2003 - cepr.org
We propose a new explanation for the forward-premium and the delayed-overshooting
puzzles. Both puzzles arise from a systematic under-reaction of short-term interest rate
forecasts to current innovations. Accordingly, the forward premium is always a biased ...
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[Expenditure Switching and Exchange-Rate Policy]: Comment

Full text - MIT Libraries
PO Gourinchas - NBER Macroeconomics Annual, 2002 - JSTOR
Engel has been a major contributor to the new-open-economy macro (NOEM) literature. This
literature, pioneered by Obstfeld and Rogoff (1995), aims to build models of the open
economy in the New Keynesian tradition while retaining solid micro foundations and a ...
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[PDF] Global Imbalances and Global Liquidity

[PDF] from frbsf.org
PO Gourinchas - frbsf.org
Abstract The financial crisis has entered a dangerous phase. I argue in this paper that the
retrenchment currently taking place in the European banking sector has broad implications
for financial stability. More generally, I argue that the focus should be on 'global liquidity ...
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[CITATION] Valuation Effects and External Adjustment: a Review

G Pierre-Olivier - paper for the Annual Conference of the Banco Central …, 2006

[CITATION] Fiscal Policy, Stabilization, and Sustainability

PO Gourinchas… - IMF Economic Review, 2011 - palgrave-journals.com
* Pierre-Olivier Gourinchas is the Editor of the IMF Economic Review and a Professor of
Economics at UC Berkeley. M. Ayhan Kose is the Co-Editor of the Review and an Assistant
to the Director in the Research Department of the IMF. The views expressed in this paper ...
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DP3902 The Elusive Gains from International Financial Integration

PO Gourinchas… - 2003 - cepr.org
Standard theoretical arguments tell us that countries with relatively little capital benefit from
financial integration as foreign capital flows in and speeds up the process of convergence.
We show in a calibrated neoclassical model that conventionally measured welfare gains ...
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[PDF] Professor of Economics, UC Berkeley April 15, 2011 Remarks prepared for the International Symposium of the Banque de France,“Regulation in the Face of …

[PDF] from colt.net
PO Gourinchas - 2011 - bdfbs-ws01.heb3.fr.colt.net
A little more than three years ago, the world economy experienced a dramatic convulsion,
the ripple effects of which are still with us. In the years leading to that crisis, many worried
about excessive external deficits in the US, and surpluses in other parts of the world, the ...
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[PDF] Proposal to the Center for Equitable Growth–May 2011

[PDF] from berkeley.edu
G Imbalances, PO Gourinchas… - ceg.berkeley.edu
Some recent accounts of the origins of the 2007-09 financial crisis have focused on the role
of increasing income inequality, especially in the United States (for example, Raghuram
Rajan and Robert Reich). In these accounts, adverse economic and political effects of ...
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Selected Recent Publications

Full text - MIT Libraries
JP Arrouet, D Ceccaldi, R Dupriet… - International Social …, 2001 - Wiley Online Library
Arrouet, Jean-Philippe; Ceccaldi, Dominique; Dupriet, Rina La commune et l'action sociale: dans
quels domaines agir, avec quels interlocuteurs, et quels moyens? Paris, Foucher Editions,
2000. 95 pp. (Les guides de l'action sociale 8). FRF 96. ISBN 2-216-08467-0

[PDF] QUELLE REFORME POUR LE SYSTEME MONETAIRE INTERNATIONAL?

[PDF] from london.edu
E Farhi, PO Gourinchas… - faculty.london.edu
«Executive Summary» Liquidité internationale. Nos propositions de réforme du système
monétaire international se concentrent sur la provision liquidité. Elles contribueront à limiter
les effets des crises individuelles ou systémiques, et à en diminuer la fréquence. Nous ...
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[CITATION] Essays on exchange rates, and consumption

PO Gourinchas - 1996 - en.scientificcommons.org
Publikationsansicht. 7791385. Essays on exchange rates, and consumption (1996). Gourinchas,
Pierre-Olivier. Details der Publikation. Download, http://theses.mit.edu:80/Dienst/UI/2.0/Describe/
0018.mit.theses/1996-406. Herausgeber, Massachusetts Institute of Technology. ...
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