Pierre-Olivier Gourinchas

TL;DR: In this article, the authors provide an empirical and theoretical analysis of the Greek crisis of 2010 and benchmark the crisis against all episodes of sudden stops, sovereign debt crises, and lending booms / busts in history.

TL;DR: In this article, the authors provide a simple decomposition that characterizes the importance of precautionary saving in the US economy and use this decomposition as an organizing framework to present four main findings: the concavity of the consumption policy rule, the contribution of changes in risk to fluctuations in aggregate consumption and the significant impact of incomplete markets on aggregate fluctuations in calibrated general equilibrium models.

TL;DR: The authors show that the pattern of net capital flows across developing countries is not consistent with the consensus view that countries with faster productivity growth should invest more, and attract more foreign capital, and argue that this result constitutes an important challenge for economic research, and discuss some possible research avenues to solve the puzzle.

TL;DR: The authors argue that in a world with competing private stores of value, the global economic system tends to favor the riskiest ones and that only public safe assets may, if appropriately supported by monetary policy, provide sufficient insurance against global shocks.

TL;DR: In this article, the authors evaluate empirically and theoretically the importance of exchange rate movements on job reallocation across and within sectors and find that exchange rates have a significant effect of gross and net job flows in the traded goods sector.