 | Professor of Economics, UC Berkeley Verified email at berkeley.edu Cited by 4186 |
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 ...
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 ...
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 ...
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. ...
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 ...
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 ...
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: ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
[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
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 ...
[CITATION] On the Benefits of Capital Account Liberalization
PO Gourinchas… - 2002 - Princeton University Working paper
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 ...
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 ...
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 ...
[CITATION] An Equilibrium Model of “Global Imbalances” and Low Interest Rate
CJ Ricardo, E Farhi… - NBER Working Paper Series, 2006
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. ...
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 ...
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
KM Dominguez… - Brookings Papers on …, 2005 - en.scientificcommons.org
[CITATION] February 2005 International Financial Adjustment
PO Gourinchas… - NBER Working Paper
[CITATION] Forthcoming.“Consumption Over the Life Cycle.”
PO Gourinchas… - Econometrica
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 ...
[CITATION] World Bankers
PO Gourinchas, C Lopez… - presentation at American Economic Association …, 2007
[CITATION] RConsumption Over the Life Cycle," unpublished paper
PO Gourinchas… - 1996 - MIT
[CITATION] From World Banker to World Venture Capitalist: US External Adjustment and The Exorbitant Privilege
G Pierre-Olivier… - 2005 - NBER WP
[CITATION] Valuation Effects and External Adjustment: A Review, prepared for the 2006 Annual Conference of the Central Bank of Chile
PO Gourinchas - 2007
[CITATION] Credit Booms: The Stylized Facts
PO Gourinchas, O Landerretche… - Central Bank of Chile, mimeo, 1998
[CITATION] An equilibrium model of “global imbalances” and low interest rates. January 2006
R Caballero, E Farhi… - MIT working paper 06-02
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 ...
[CITATION] mAn Equilibrium Model of mGlobal Imbalancesnn
R Caballero, E Farhi… - 2006 - mimeo, University of Cali& fornia, …
[CITATION] 'Exchange Rates, Job Creation, and Job Destruction
PO Gourinchas - NBER Macroeconomics Annual, ed. Ben Bernanke, …, 1998
[CITATION] qInternational Fi'financial Adjustment, rJournal of Political Economy 115
PO Gourinchas… - 2007
[CITATION] Olivier jeanne (2006):" Capital Flows to Developing Countries: The Allocation Puzzle
PO Gourinchas - IMF Working Paper
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 ...
[CITATION] G7 Current Account Imbalances: Sustainability and Adjustment
PO Gourinchas, H Rey… - 2007 - University of Chicago Press
[CITATION] kAn equilibrium model of iglobal imbal# ancesjand low interest ratesl
R Caballero, E Farhi… - American Economic Review, 2008
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: ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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, ...
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 ...
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: ...
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 ...
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. ...
[CITATION] The US Foreign Asset Position
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
O Jeanne… - 2004 Meeting Papers, 2004 - econpapers.repec.org
By Olivier Jeanne and Pierre-Olivier Gourinchas; Abstract:
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 ...
[CITATION] Center for International and Development Economics Research
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. ...
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 ...
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 ...
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 ...
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 ...
[CITATION] Valuation Effects and External Adjustment: a Review
G Pierre-Olivier - paper for the Annual Conference of the Banco Central …, 2006
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 ...
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 ...
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 ...
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 ...
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
«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 ...
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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