Pierre‐Olivier Gourinchas
Biographic Data
| ID | 5867419 |
|---|---|
| NAME | Pierre‐Olivier Gourinchas |
| GIVEN NAMES | Pierre‐Olivier |
| FAMILY NAME | Gourinchas |
| SIGNATURE | GOURINCHAS P O |
| AFFILIATIONS | National Bureau of Economic Research |
| ORCID | 0000-0003-4493-5628 |
| VERIFIED | Yes |
| TOTAL WORKS | 7 |
| TOTAL CITATIONS | 21 |
| AUTHOR COUNT | 7 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1990 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 2 |
Changing Global Linkages: A New Cold War?
Global linkages are changing amidst elevated geopolitical tensions and a surge in policies directed at increasing supply chain resilience and national security. Using granular bilateral data, this paper provides new evidence of trade and investment fragmentation along geopolitical lines since Russia’s invasion of Ukraine, and compares it to the historical experience of the early years of the Cold War. Gravity model estimates point to significant …
The Safe Assets Shortage Conundrum
A safe asset is a simple debt instrument that is expected to preserve its value during adverse systemic events. The supply of safe assets, private and public, has historically been concentrated in a small number of advanced economies, most prominently the United States. Over the last few decades, with minor cyclical interruptions, the supply of safe assets has not kept up with global demand. The reason is straightforward: the collective growth ra…
Vers un nouveau système monétaire international
est autorise que dans les limites des conditions gnrales d'utilisation du site ou, le cas chant, des conditions gnrales de la licence souscrite par votre tablissement
An Equilibrium Model of “Global Imbalances” and Low Interest Rates
The sustained rise in US current account deficits, the stubborn decline in long-run real rates, and the rise in US assets in global portfolios appear as anomalies from the perspective of conventional models. This paper rationalizes these facts as an equilibrium outcome when different regions of the world differ in their capacity to generate financial assets from real investments. Extensions of the basic model generate exchange rate and foreign di…
International Financial Adjustment
We explore the implications of a country's external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U.S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach…
Consumption Over the Life Cycle
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 income over the working lives of typical households across different education and occupation groups. The model fits the profiles quite well. In addition to providing reasonable es…
L'autonomie du marché boursier français
La autonomia del mercado bursatil francés : ¿ Los mercados francés y norteamericano están integrados ? - Las variables propias a la economía francesa (resultados de las empresas, tasas de interés, etc.) no son siempre suficientes para explicar por completo los movimientos del mercado bursatil nacional. Dichos movimientos, por el contrario, se encuentran en correlación con las variaciones del mercado norteamericano. A pesar de ello, no se puede ll…
International Financial Adjustment
We explore the implications of a country's external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U.S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach…
The Safe Assets Shortage Conundrum
A safe asset is a simple debt instrument that is expected to preserve its value during adverse systemic events. The supply of safe assets, private and public, has historically been concentrated in a small number of advanced economies, most prominently the United States. Over the last few decades, with minor cyclical interruptions, the supply of safe assets has not kept up with global demand. The reason is straightforward: the collective growth ra…
L'autonomie du marché boursier français
La autonomia del mercado bursatil francés : ¿ Los mercados francés y norteamericano están integrados ? - Las variables propias a la economía francesa (resultados de las empresas, tasas de interés, etc.) no son siempre suficientes para explicar por completo los movimientos del mercado bursatil nacional. Dichos movimientos, por el contrario, se encuentran en correlación con las variaciones del mercado norteamericano. A pesar de ello, no se puede ll…
Consumption Over the Life Cycle
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 income over the working lives of typical households across different education and occupation groups. The model fits the profiles quite well. In addition to providing reasonable es…
International Financial Adjustment
We explore the implications of a country's external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U.S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach…
An Equilibrium Model of “Global Imbalances” and Low Interest Rates
The sustained rise in US current account deficits, the stubborn decline in long-run real rates, and the rise in US assets in global portfolios appear as anomalies from the perspective of conventional models. This paper rationalizes these facts as an equilibrium outcome when different regions of the world differ in their capacity to generate financial assets from real investments. Extensions of the basic model generate exchange rate and foreign di…
Vers un nouveau système monétaire international
est autorise que dans les limites des conditions gnrales d'utilisation du site ou, le cas chant, des conditions gnrales de la licence souscrite par votre tablissement
The Safe Assets Shortage Conundrum
A safe asset is a simple debt instrument that is expected to preserve its value during adverse systemic events. The supply of safe assets, private and public, has historically been concentrated in a small number of advanced economies, most prominently the United States. Over the last few decades, with minor cyclical interruptions, the supply of safe assets has not kept up with global demand. The reason is straightforward: the collective growth ra…
Changing Global Linkages: A New Cold War?
Global linkages are changing amidst elevated geopolitical tensions and a surge in policies directed at increasing supply chain resilience and national security. Using granular bilateral data, this paper provides new evidence of trade and investment fragmentation along geopolitical lines since Russia’s invasion of Ukraine, and compares it to the historical experience of the early years of the Cold War. Gravity model estimates point to significant …
Global Financial Crisis and Policies (5 works) · Economics (4 works) · Monetary economics (4 works) · Computer Science (3 works) · Current account (3 works) · Economic Theory and Policy (3 works) · Exchange rate (3 works) · Econometrics (2 works) · Finance (2 works) · Financial economics (2 works)