UC Berkeley Economist Pierre-Olivier Gourinchas wins the Kiel Institute's 2026 Bernhard Harms Prize. 

Pierre-Olivier Gourinchas, a leading economist and professor at the University of California, Berkeley, has been awarded the prestigious 2026 Bernhard Harms Prize. 

The prize recognizes Gourinchas for his groundbreaking research, which has significantly shifted the understanding of global economic dynamics, particularly during times of financial stress. The jury commended Gourinchas for his contributions to the study of external balance sheets, international capital flows, and how these factors interact within the international monetary system. His research draws critical connections between asset price movements and global economic adjustments, addressing pressing issues such as trade imbalances and the role of the US dollar. 

Having recently returned to UC Berkeley from a four-year tenure as the Chief Economist of the International Monetary Fund (IMF), Gourinchas is recognized for clarifying the complex mechanisms behind US fiscal policy and the global demand for safe assets, which allows the US to maintain external imbalances. 

As debates on financial fragmentation and the future of global currencies evolve, Gourinchas's work continues to be a vital resource for students and professionals navigating today's economic landscape.

Gourinchas's accolades also include the Bernácer Prize in 2007 and the Prix du Meilleur Jeune Économiste in 2008. These achievements highlight his status as an influential figure in the field of economics. The award ceremony took place during the Kiel-CEPR Conference on Geoeconomics in Berlin.

The Bernhard Harms Prize, established in 1964, comes with a monetary award of 10,000 euros and recognizes scholars who have made noteworthy advancements in international economics. Previous Bernhard Harms Prize laureates include Abhijit Banerjee, Carmen Reinhart, Lord Nicholas Stern and Gita Gopinath.

Read the full press release on the Kiel Institute's website here.

Read the full speech and laudation made by Philip R. Lane during the prize ceremony here.