Helene Rey

Lord Raj Bagri Professor of Economics

MS (Stanford) PhD (EHESS, Paris) PhD (London)

Hélène Rey is the Lord Bagri Professor of Economics at London Business School. Until 2007, she was at Princeton University, as Professor of Economics and International Affairs in the Economics Department and the Woodrow Wilson School. She was elected President of the European Economic Association in 2022.

Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory and empirics of financial crises and the organization of the international monetary system. She demonstrated in particular that countries's gross external asset positions help predict current account adjustments and the exchange rate. She introduced the concept of Global Financial Cycles and qualified the idea of the Mundellian Trilemma. She was awarded an Alfred P. Sloan Research Fellowship, the 2006 Bernácer Prize and the 2012 inaugural Birgit Grodal Award of the European Economic Association.

In 2013 she received the Yrjö Jahnsson Award shared with Thomas Piketty, in 2014, the Inaugural Carl Menger Preis, the 2015 Prix Edouard Bonnefous, the 2017 Maurice Allais Prize and the 2020 Prix Turgot. Professor Rey is an elected Fellow of the British Academy, of the Econometric Society, of the European Economic Association, of the American Academy of Arts and Sciences, a Foreign Honorary Member of the American Economic Association, a correspondant of the Académie des Sciences Morales et Politiques. She was made O.B.E for services to economics. She was on the board of the Review of Economic Studies (2008-2015), an associate editor of the AEJ: Macroeconomics Journal. She is a co-editor of the Annual Review of Economics, a Research Fellow and Vice President of CEPR and an NBER Research Associate.

She is a member of the Group of Thirty, of the Bellagio Group on the international economy and a member of the external advisory group to the managing director of the IMF. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority). She was a member of the Conseil d’Analyse Economique until 2012 and on the Board of the Autorité de Contrôle Prudentiel et de Résolution (2010-2014). She writes a regular column for the French newspaper Les Echos.

Hélène Rey received her undergraduate degree from ENSAE, a Master in Engineering Economic Systems from Stanford University and her PhDs from the London School of Economics and the Ecole des Hautes Etudes en Sciences Sociales.

International finance
International macroeconomics
US current account deficit
Exchange rates
Global imbalances
International capital flows
Financial crises

2022

Central Bank Policy and the Concentration of Risk: Empirical Estimates

Coimbra N; Kim D; Rey H

Journal of Monetary Economics 2022 Vol 125 p 182-198

Financial cycles with heterogeneous intermediaries

Coimbra N; Rey H

Review of Economic Studies 2022 In Press

Global portfolio rebalancing and exchange rates

Camanho N; Hau H; Rey H

Review of Financial Studies 2022 Vol 35:11 p 5228-5274

2021

Introduction: NBER International Seminar on Macroeconomics 2020

Frankel J; Rey H

Journal of International Economics 2021 Vol 130

2020

Financial integration and growth in a risky world

Coeurdacier N; Rey H; Winant P

Journal of Monetary Economics 2020 Vol 112 p 1-21

The global financial cycle after Lehman

Miranda-Agrippino S; Rey H

AEA papers and proceedings 2020 May 2020 Vol 110 p 523-528

U.S. monetary policy and the global financial cycle

Rey H; Miranda-Agrippino S

Review of Economic Studies 2020 Vol 87:6 p 2754-2776

2019

The international monetary and financial system

Gourinchas P-O; Rey H; Sauzet M

Annual Review of Economics 2019 Vol 11 p 859-893

2018

Financial cycles and credit growth across countries

Coimbra N; Rey H

AEA papers and proceedings 2018 Vol 108 p 509-512

Reconciling risk sharing with market discipline: a constructive approach to euro area reform

Rey H; et al.

CEPR Policy insight No 91

2017

Financial resilience revisited: why consistency in regulation is now paramount - across sectors and regions, and over time

Allen F; Krahnen J-P; Rey H

G20 Insights

Monetary policy in the capitals of capital

Gerko E; Rey H

Journal of the European Economic Association 2017 Vol 15:4 p 721-745

2016

International channels of transmission of monetary policy and the Mundellian Trilemma

Rey H

IMF Economic Review 2016 April Vol 64:1 p 6-35

Real interest rates, imbalances and the curse of regional safe asset providers at the Zero Lower Bound

Gourinchas P-O; Rey H

pp70-105 in The future of the international monetary and financial architecture, Proceedings of the ECB Sintra Forum on Central Banking, Frankfurt am Main,

Reinforcing the Eurozone and protecting an open society

Corsetti G; Feld L; Koijen R; Reichlin L; Reis R; Rey H; Mauro B

CEPR Press, 2016

2015

Financial flows and the international monetary system

Rey H; Passari E

Economic Journal 2015 Vol 125:584 p 675-698

New start for the Eurozone: dealing with debt

Corsetti G; Feld L; Lane P; Reichlin L; Rey H; Vayanos D; Weder di Mauro B

CEPR Press, 2015

2014

Capital account management

Rey H

Book Chapter: In Akerlof G; Blanchard O; Romer D & Stiglitz J eds., What Have We Learned? Macroeconomic Policy after the Crisis, MIT Press, 2014. pp 307-316

2013