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Hélène Rey

Lord Raj Bagri Professor of Economics


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

Hélène Rey is 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.

Her research focuses on the determinants and consequences of external trade and financial imbalances, the theory of financial crises and the organisation of the international monetary system. She demonstrated in particular that countries gross external asset positions help predict current account adjustments and the exchange rate.

In 2005 she was awarded an Alfred P. Sloan Research Fellowship. She received the 2006 Bernácer Prize (best European economist working in macroeconomics and finance under the age of 40). In 2012 she received the inaugural Birgit Grodal Award of the European Economic Association honoring a European-based female economist who has made a significant contribution to the Economics profession. In 2013 she received the Yrjö Jahnsson Award (European economist under 45 years old who has made a contribution in theoretical and applied research that is significant to economics in Europe), shared with Thomas Piketty.

Professor Rey is a Fellow of the British Academy, of the Econometric Society and of the European Economic Association. She is on the board of the Review of Economic Studies and associate editor of the AEJ: Macroeconomics Journal. She is a CEPR Research Fellow and an NBER Research Associate. She is a member of the Haut Conseil de Stabilité Financière (French Macro Prudential Authority), of the Commission Economique de la Nation and of the Bellagio Group on the international economy.

Currently, Professor Rey is one of the Academic Directors of the AQR Asset Management Institute at LBS. She was a member of the Conseil d’Analyse Economique until 2012, on the Board of 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.

Monetary policy in the capitals of capital

Rey H; Gerko E

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 p 6-35

Reinforcing the Eurozone and protecting and 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

Dilemma not trilemma: the global financial cycle and monetary policy independence

Rey H

Federal Reserve Bank of Kansas City Economic Policy Symposium (2013) 2013

External adjustment, global imbalances and valuation effects

Gourinchas P O; Rey H

In Gopinath G, Helpman E, and Rogoff K, Handbook of International Economics, Elsevier 2013

Fiscal Union in the Eurozone?

Rey H

Political, Fiscal and Banking Union in the Eurozone 2013 p 107-116

Funding flows and credit in carry trade economies

Agrippino S M; Rey H

Federal reserve Bank of Australia conference proceedings 2013 p 211-228

Home bias in open economy financial macroeconomics

Coeurdacier N; Rey H

Journal of Economic Literature 2013 Vol 51:1 p 63-115

2012

Banks and cross-border capital flows: policy challenges and regulatory responses

Brunnermeier M; Rey H; et al.

CIEPR report, 2012

The financial crisis and the geography of wealth transfers

Gourinchas P O; Rey H; Truempler K

Journal of International Economics 2012 Vol 88:2 p 266-283

2011

Imbalances and the international monetary system

Rey H

European Commission DG2 Annual Research Conference 2011 January

Reforming the international monetary system

Rey H; Gourinchas P; Farhi E

CEPR e-Book and Conseil d'Analyse Economique

Reforming the international monetary system

Gourinchas P-O; Farhi E; Rey H

CEPR & Conseil d'Analyse Economique E-book

Rethinking central banking

Rey H

Brookings and Alfred P. Sloan Foundation E-book

Rethinking the international monetary system

Rey H; Gourinchas P-O; Farhi E

CEPR & Conseil d'Analyse Economique E-book

The risky steady state

Rey H; Coeurdacier N; Winant P

American Economic Review 2011 May Vol 101:3 p 398-401

2010

One TV, one price?

Rey H; Imbs J; Mumtaz H; Ravn M

Scandinavian Journal of Economics 2010 Vol 112:4

2008

Home bias at the fund level

Rey H; Hau H

American Economic Review 2008 Vol 98:2 p 333-338

2007

From world banker to world venture capitalist: US external adjustment and the exorbitant privilege

Rey H; Gourinchas P O

in G7 Current Account Imbalances: Sustainability and Adjustment; R Clarida (ed); The University of Chicago Press

International financial adjustment

Rey H; Gourinchas P O

Journal of Political Economy 2007 11 Vol 5:4 p 665-703

La France et ses economistes

Rey H

in Regards sur la France; ed. Bitar K, Editions du Seuil

2006

Exchange rates, equity prices and capital flows

Rey H; Hau H

Review of Financial Studies 2006 Vol 19:1 p 273-317

Globalization and Emerging Markets: With or Without Crash?

Rey H; Martin P

American Economic Review 2006 Vol 96 p 1631-1651

2005

PPP strikes back: aggregation and the real exchange rate

Rey H; Imbs J; et al.

Quarterly Journal of Economics 2005 Vol 120:1 p 1-43

The determinants of cross border equity flows

Rey H; Portes R

Journal of International Economics 2005 Vol 65:2 p 269-296

2004

Can portfolio rebalancing explain the dynamics of equity returns, equity lows, and exchange rates?

Rey H; Hau H

American Economic Review 2004 Vol 94:2 p 126-133

Financial super-markets: size matters for asset trade

Rey H; Martin P

Journal of International Economics 2004 Vol 64:2 p 335-361

2003

Non linearities and real exchange rate dynamics

Rey H; Imbs J; et al.

Journal of European Economic Association 2003 Vol 1.2-3 p 639-649

2001

Information and capital flows: the determinants of transactions in financial assets

Rey H; Portes R; Oh Y

European Economic Review 2001 Vol 45:4-6 p 783-796

International trade and currency exchange

Rey H

Review of Economic Studies 2001 Vol 68.2 p 443-464

2000

Financial integration and asset returns

Rey H; Martin P

European Economic Review 2000 Vol 44:7 p 1327-1350

1999

Enterprises in transition: macroeconomic influence on enterprise decision-making and performance

Rey H; Buiter W H; Lago R

in Financial Sector Transformation; Cambridge University Press; Blejer M & Skreb M (eds.)

1998

Emergence of the euro as an international currency

Portes R; Rey H

Economic Policy 1998 Apr Vol 26 p 305-343

The emergence of the euro as an international currency

Rey H; Portes R

Economic Policy 1998:26 p 305-343

The euro and world equity flows

Rey H; Portes R

Journal of the Japanese and International Economies 1998:12.4 p 406-423

1997

A portfolio approach for a cross-sectoral and cross-national investment strategy in transition economics

Rey H; Buiter W H; Lago R

Economics of Transition 1997 Vol 5:1 p 63-96

2017

Financial cycles with heterogeneous intermediaries

Coimbra N; Rey H

NBER Working Paper

2015

Financial integration and growth in a risky world

Coerdacier N; Rey H; Winant P

NBER Working Paper

World asset markets and the global financial cycle

Miranda-Agrippino S; Rey H

NBER Working Paper

2010

Exorbitant privilege and exorbitant duty

Gourinchas P O; Govillot N; Rey H

IMES Discussion Paper Series - Bank of Japan.

Global portfolio rebalancing under the microscope

Rey H; Hau H

CEPR Discussion Paper

Home bias in open economy financial microeconomics

Rey H; Coeurdacier N

NBER Working Paper

Masters in Management


  • MiM The Global Macroeconomy, SPR16


Electives


  • Global Capital Markets and Currencies Elective, SUM16

Research Interests

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