Pierre-Olivier Gourinchas

Pierre-Olivier Gourinchas is the Economic Counsellor and the Director of Research of the IMF. He is on leave from the University of California at Berkeley where he is the S.K. and Angela Chan Professor of Global Management in the Department of Economics and at the Haas School of Business. Professor Gourinchas was the editor-in-chief of the IMF Economic Review from its creation in 2009 to 2016, the managing editor of the Journal of International Economics between 2017 and 2019, and a co-editor of the American Economic Review between 2019 and 2022. He is on-leave from the National Bureau of Economic Research where he was director of the International Finance and Macroeconomics program, a Research Fellow with the Center for Economic Policy Research CEPR (London) and a Fellow of the Econometric Society. Read More

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Contents

• Responding to the Energy and Food Price Shock: Getting the Policy Details Right
  • Published: May 20, 2026
  • Authors: Pierre-Olivier Gourinchas, Borja Gracia, Delphine Prady, Rodrigo Valdés
  • Summary: Governments can protect vulnerable households, keep businesses open, and preserve price signals without straining public finances
• War Darkens Global Economic Outlook and Reshapes Policy Priorities
  • Published: April 14, 2026
  • Authors: Pierre-Olivier Gourinchas
  • Summary: The Middle East conflict halted growth momentum. The right policies and stronger global cooperation are needed to contain the damage.
• Global Imbalances: Old Questions, New Answers?
  • Published: April 6, 2026
  • Authors: Pierre-Olivier Gourinchas, Christian Mumssen
  • Summary: Widening global current account imbalances are best addressed by simultaneous domestic policy adjustments. Industrial policy and tariffs offer a costly fix with unreliable effects on imbalances.
• How the War in the Middle East Is Affecting Energy, Trade, and Finance
  • Published: March 30, 2026
  • Authors: Tobias Adrian, Jihad Azour, Nigel Chalk, Pierre-Olivier Gourinchas, Alfred Kammer, Abebe Aemro Selassie, Krishna Srinivasan, Rodrigo Valdés
  • Summary: Energy prices, supply chains, and financial markets are the main transmission channels, but the regional effects will vary significantly
• Adequate Reserves Shield Economies From Shocks and Strengthen Resilience
  • Published: March 5, 2026
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Building foreign exchange reserves requires sound policies and takes time, but global efforts to lower the cost of holding them can help
• Global Economy Shakes Off Tariff Shock Amid Tech-Driven Boom
  • Published: January 19, 2026
  • Authors: Tobias Adrian, Pierre-Olivier Gourinchas
  • Summary: But risks are rising, including from the concentration of tech investment and the negative effects of trade disruptions, which may build over time
• Global Economic Outlook Shows Modest Change Amid Policy Shifts and Complex Forces
  • Published: October 14, 2025
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Dialing down uncertainty, reducing vulnerabilities, and investing in innovation can help deliver durable economic gains
• Global Current Account Balances Widen, Reversing Narrowing Trend
  • Published: July 22, 2025
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Growing imbalances in largest economies underscore need for concerted adjustment in domestic macroeconomic policies
• The Global Economy Enters a New Era
  • Published: April 22, 2025
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Amid trade tensions and high policy uncertainty, the path forward will be determined by how challenges are confronted and opportunities embraced
• As One Cycle Ends, Another Begins Amid Growing Divergence
  • Published: January 17, 2025
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Growth divergences persist and could widen, while policy shifts may reignite inflation pressures in some countries
• As Inflation Recedes, Global Economy Needs Policy Triple Pivot
  • Published: October 22, 2024
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Growth is projected to hold steady, but amid weakening prospects and rising threats, the world needs a shift in policy gears
• Trade Balances in China and the US Are Largely Driven by Domestic Macro Forces
  • Published: September 12, 2024
  • Authors: Pierre-Olivier Gourinchas, Ceyla Pazarbasioglu, Krishna Srinivasan, Rodrigo Valdés
  • Summary: Worries that China’s external surpluses result from industrial policies reflect an incomplete view
• Global Growth Steady Amid Slowing Disinflation and Rising Policy Uncertainty
  • Published: July 16, 2024
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Major economies are becoming more aligned, but the world’s medium-term prospects remain weak
• Global Economy Remains Resilient Despite Uneven Growth, Challenges Ahead
  • Published: April 16, 2024
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Policymakers should prioritize steps toward greater economic resilience such as strengthening government finances and revitalizing economic growth prospects.
• The Fiscal and Financial Risks of a High-Debt, Slow-Growth World
  • Published: March 28, 2024
  • Authors: Tobias Adrian, Vitor Gaspar, Pierre-Olivier Gourinchas
  • Summary: Higher long-term real interest rates, lower growth, and higher debt will put pressure on medium-term fiscal trends and financial stability
• Global Economy Approaches Soft Landing, but Risks Remain
  • Published: January 30, 2024
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Policy focus must shift to repairing public finances and improving medium-term growth prospects
• Resilient Global Economy Still Limping Along, With Growing Divergences
  • Published: October 10, 2023
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Likelihood of a soft landing has increased, but growth forecast is lowest in decades
• Global Economy on Track but Not Yet Out of the Woods
  • Published: July 25, 2023
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Economic growth shows near-term resilience amid persistent challenges
• Central Banks Can Fend Off Financial Turmoil and Still Fight Inflation
  • Published: June 5, 2023
  • Authors: Tobias Adrian, Gita Gopinath, Pierre-Olivier Gourinchas
  • Summary: But there are trade-offs between price and financial stability during times of stress, especially when inflation is high
• Global Economic Recovery Endures but the Road Is Getting Rocky
  • Published: April 11, 2023
  • Authors: Pierre-Olivier Gourinchas
  • Summary: Inflation is slowly falling, but economic growth remains historically low and financial risks have risen
• Global Economy to Slow Further Amid Signs of Resilience and China Re-opening
  • Published: January 30, 2023
  • Authors: Pierre-Olivier Gourinchas
  • Summary: The fight against inflation is starting to pay off, but central banks must continue their efforts
• How Countries Should Respond to the Strong Dollar
  • Published: October 14, 2022
  • Authors: Gita Gopinath, Pierre-Olivier Gourinchas
  • Summary: Policy responses to currency depreciation pressures should focus on the drivers of the exchange-rate moves and signs of market disruptions
• Policymakers Need Steady Hand as Storm Clouds Gather Over Global Economy
  • Published: October 11, 2022
  • Authors: Pierre-Olivier Gourinchas
  • Summary: One-third of the world economy will likely contract this year or next amid shrinking real incomes and rising prices
• Global Economic Growth Slows Amid Gloomy and More Uncertain Outlook
  • Published: July 26, 2022
  • Authors: Pierre-Olivier Gourinchas
  • Summary: The world’s three largest economies are stalling, with important consequences for the global outlook. Inflation is a major concern.
• War Dims Global Economic Outlook as Inflation Accelerates
  • Published: April 19, 2022
  • Authors: Pierre-Olivier Gourinchas
  • Summary: The effects of the war will propagate far and wide, adding to price pressures and exacerbating significant policy challenges. Global economic prospects have been severely set back, largely because of Russia’s invasion of Ukraine.
• Why the IMF is Updating its View on Capital Flows
  • Published: March 30, 2022
  • Authors: Tobias Adrian, Gita Gopinath, Pierre-Olivier Gourinchas, Ceyla Pazarbasioglu, Rhoda Weeks-Brown
  • Summary: In some circumstances, countries should have the option of pre-emptively curbing debt inflows to safeguard macroeconomic and financial stability.

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Source: https://www.imf.org/en/blogs/authors/pierre-olivier%20gourinchas