Hélène REY

Present positions

2007 – London Business School, Professor of Economics.
2014 – Member of the Haut Conseil de Stabilité Financière
Officer of the British Empire for services to economics
Elected Fellow of the British Academy, of the Econometric Society, of the European Economic Association
Foreign Member of the American Academy of Arts and Sciences
Correspondant of the Académie des Sciences Morales et Politiques.

Positions held

2006-2007  Princeton University , Economics Department, Woodrow Wilson School and Bendheim Center for Finance, Professor of Economics and International Affairs.
2000-2006  Princeton University, Economics Department, Woodrow Wilson School and Bendheim Center for Finance, Assistant Professor of Economics and International Affairs
1997-2000 London School of Economics and Political Science, Lecturer
2010-2012  Member of the Conseil d’Analyse Economique
2012-2016 – Member of the Commission Economique de la Nation
2010-2014  Member of the Board of the Autorité de Contrôle Prudentiel et de Résolution Founding Chair of the scientific committee of the ACPR.


1998 London School of Economics, Ph.D. in economics
1998 Ecole des Hautes Etudes en Sciences Sociales, Paris, Ph.D.
1994  Stanford University, M.S. Engineering Economic Systems
1994 ENSAE

Main publications

  • “US Monetary Policy and the Global Financial Cycle” with Silvia Miranda Agrippino, 2015, NBER Working Paper 21722, CEPR Discussion Paper 10936.
  • “Financial Integration and Growth in a Risky World”, with Nicolas Coeurdacier and Pablo Winant, Journal of Monetary Economics, 2019, forthcoming; NBER working Paper 21817, CEPR Discussion Paper 11009.
  • “The International Monetary and Financial System”, with Pierre-Olivier Gourinchas and Maxime Sauzet, Annual Review of Economics 2019, forthcoming.
  • “Monetary policy in the Capitals of Capital”, with Elena Gerko, Journal of the European Economic Association 2017, Volume 15, Issue 4, 1 August, Pages 721–745, https://doi.org/10.1093/jeea/jvx022 .
  • “Real interest rates, imbalances and the curse of regional safe asset providers at the Zero Lower Bound” with P.O. Gourinchas, ECB Sintra Symposium conference proceedings, 2016.
  • “International Channels of Transmission of Monetary Policy and the Mundellian Trilemma”, Mundell Fleming Lecture (IMF), IMF Economic Review, 2016, NBER wp21852, CEPR DP11027.
  • “Financial Flows and the International Monetary System”, with Evgenia Passari, 2015, Sargan Lecture, Royal Economic Society, The Economic Journal 125 (584), 675-698, NBER wp21722, CEPR DP 10592.
  • “Dilemma not Trilemma: The global financial cycle and monetary policy independence”, Jackson Hole conference proceedings, Kansas City Fed, 2013. Translated in Spanish: Dilema, no trilema: el ciclo financiero mundial y la independencia de la política monetaria, NBER wp21162, CEPR DP10591.
  • “External Adjustment, Global Imbalances and Valuation Effects”, with P.O. Gourinchas, Handbook of International Economics, 585-640 Gopinath, Helpman and Rogoff eds. 2013, NBER wp19240, CEPR DP 9566.
  • “International Financial Adjustment”, with P.O. Gourinchas, Journal of Political Economy, 115:4, pp. 665-703, August 2007.
  • “From World Banker to World Venture Capitalist: The US External Adjustment and the Exorbitant Privilege”, with P.O. Gourinchas, in ‘G7 Current Account Imbalances: Sustainability and Adjustment’, Richard Clarida, Editor, The University of Chicago Press, 2007.
  • “Globalization and Emerging Markets: With or Without Crash?”, with P. Martin, American Economic Review, vol 96, Number 5, December 2006, pp. 1631-1651.


Economic field of expertise

International macroeconomics and finance