The Kiel Institute has announced Pierre-Olivier Gourinchas, former Chief Economist of the IMF and current Professor at UC Berkeley, as the recipient of the prestigious 2026 Bernhard Harms Prize. His work on global imbalances and international capital flows has been pivotal in reshaping economic understanding in times of fiscal challenges.

The Kiel Institute for the World Economy has announced that renowned economist Pierre-Olivier Gourinchas will receive the prestigious 2026 Bernhard Harms Prize. Gourinchas, the former Chief Economist of the International Monetary Fund (IMF) and a Professor at the University of California, Berkeley, is recognized for his groundbreaking research on global imbalances and the international monetary system.

Moritz Schularick, President of the Kiel Institute, emphasized the importance of Gourinchas’s work, stating, 

"To understand the global economy, we need to look beyond trade balances and consider countries’ assets and liabilities abroad. His work on international balance sheets, valuation effects, and capital flows has changed the way economists think about global adjustment and financial crises. And his insights into the special role of the US dollar have become highly relevant as questions about global imbalances and the future of the international monetary system move to the center of economic policy.”

Gourinchas introduced significant concepts such as the “exorbitant privilege” of the United States, which highlights how it issues dollar liabilities while making riskier investments abroad. This unique position explains the ongoing US deficits, as well as its role as a stabilizer during global crises.

The award, endowed with €10,000, will be presented during the Kiel-CEPR Conference on Geoeconomics at the German Federal Foreign Office in Berlin on November 3–4, 2026. Gourinchas joins an esteemed list of previous laureates, including notable economists like Abhijit Banerjee and Carmen Reinhart.

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Read the full press release: kielinstitut.de

Find out more about Pierre-Olivier Gourinchas on his UC Berkeley Profile Page or on his personal Google site.