Pierre Yared

MUTB Professor of International Business

Columbia Business School

Pierre Yared is the MUTB Professor of International Business, Senior Vice Dean for Faculty Affairs, and Vice Dean for Executive Education at Columbia Business School. His research, which has been published in leading academic journals, focuses on macroeconomic policy and political economy. He is a research associate of the National Bureau of Economic Research. Yared teaches Global Economic Environment, a Core MBA course in macroeconomics for which he received the Dean’s Award for Teaching Excellence. He is a member of the Council on Foreign Relations and the Economic Club of New York. Yared received his AB in Economics from Harvard University and his PhD in Economics from Massachusetts Institute of Technology. 

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Books

Intermediate Macroeconomics (with Nicolas Vincent), 2021, Pearson Education 


Articles

A Theory of Fiscal Responsibility and Irresponsibility,” (with Marina Halac), 2024, accepted, Journal of Political Economy


Central Bank Credibility and Fiscal Responsibility,” (with Jesse Schreger and Emilio Zaratiegui), 2024, forthcoming, American Economic Review: Insights

 

The Commitment Benefit of Consols in Government Debt Management,” (with Davide Debortoli and Ricardo Nunes), 2022, American Economic Review: Insights, 4, 255-270
  - Online Appendix

Fiscal Rules and Discretion under Limited Enforcement,” (with Marina Halac), 2022, Econometrica, 90, 2093-2127
  - Online Appendix

Instrument-Based vs. Target-Based Rules,” (with Marina Halac), 2022, Review of Economic Studies, 89, 312-345
  - Online Appendix


Pandemic Lockdown: The Role of Government Commitment,” (with Christian Moser), 2022, Review of Economic Dynamics, 46, 27-50


Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey,” (with Davide Debortoli and Ricardo Nunes), 2021, Journal of Political Economy, 129, 1640-1665
- Online Appendix

 

Inflation Targeting under Political Pressure,” (with Marina Halac), 2020, in Independence, Credibility, and Communication of Central Banking, edited by Ernesto Pastén and Ricardo Reis, Santiago, Chile: Central Bank of Chile, 7-27


Commitment vs. Flexibility with Costly Verification,” (with Marina Halac), 2020, Journal of Political Economy, 128, 4523-4573
- Online Appendix

 

The Optimal Public and Private Provision of Safe Assets,” (with Marina Azzimonti), 2019, Journal of Monetary Economics, 102, 126-144

 

Principals, Agents, and Indirect Foreign Policies” (with Eli Berman, David A. Lake, and Gerard Padró i Miquel), 2019, in Proxy Wars: Suppressing Violence through Local Agents, edited by Eli Berman and David A. Lake, Cornell University Press, 1-27

 

"Rising Government Debt: Causes and Solutions for a Decades-Old Trend," 2019, Journal of Economic Perspectives, 33, 115-140

 

Fiscal Rules and Discretion in a World Economy,” (with Marina Halac), 2018, American Economic Review, 108, 2305-2334
- Online Appendix


"Optimal Time-Consistent Government Debt Maturity," (with Davide Debortoli and Ricardo Nunes), 2017, Quarterly Journal of Economics, 132, 55-102.
- Online Appendix

 

"A Note on Optimal Fiscal Policy in an Economy with Private Borrowing Limits," (with Marina Azzimonti), 2017, Economics Letters, 151, 62-65

 

"The Institutional Causes of China’s Great Famine, 1959-1961" (with Xin Meng and Nancy Qian), 2015, Review of Economic Studies, 82, 1568-1611.

 

"A Theory of Political and Economic Cycles" (with Laurence Ales and Pricila Maziero), 2014, Journal of Economic Theory, 153, 224-251

  - Online Appendix

 

"Fiscal Rules and Discretion under Persistent Shocks" (with Marina Halac), 2014, Econometrica, 82, 1557-1614
  - Online Appendix

 

"Public Debt under Limited Private Credit," 2013, Journal of the European Economic Association, 11, 229-245

 

"The Political Economy of Indirect Control" (with Gerard Padró i Miquel), 2012, Quarterly Journal of Economics, 127, 947-1015

- Online Appendix

 

"A Dynamic Theory of Resource Wars" (with Daron Acemoglu, Michael Golosov, and Aleh Tsyvinski), 2012, Quarterly Journal of Economics, 127, 283-331
  - Online Appendix

 

"Political Limits to Globalization" (with Daron Acemoglu), 2010, American Economic Review (Papers and Proceedings), 100, 83-88

 

"Future Renting-Seeking and Current Public Savings" (with Ricardo Caballero), 2010, Journal of International Economics, 82, 124-136

 

"A Dynamic Theory of War and Peace," 2010, Journal of Economic Theory, 145, 1921-1950

 

"Politicians, Taxes, and Debt," 2010, Review of Economic Studies, 77, 806-840

 

"Reevaluating the Modernization Hypothesis" (with Daron Acemoglu, Simon Johnson, and James A. Robinson), 2009, Journal of Monetary Economics, 56(8), 1043-1058

 

"Income and Democracy," (with Daron Acemoglu, Simon Johnson, and James A. Robinson), 2008, American Economic Review, 98(3),808-842.

 

"From Education to Democracy?" (with Daron Acemoglu, Simon Johnson and James A. Robinson), 2005, American Economic Review (Papers and Proceedings), 95(2), 44-49


Working Papers

Changing Central Bank Pressures and Inflation,” (with Hassan Afrouzi, Marina Halac, and Kenneth Rogoff), 2024, prepared for Brookings Papers on Economic Activity


Monetary Policy without Commitment,” (with Hassan Afrouzi, Marina Halac, and Kenneth Rogoff), 2023


"Global Hegemony and Exorbitant Privilege," (with Carolin Pflueger)


Cases

How to Fight Inflation: March 2022 FOMC Meeting” (with Nicolas Vincent), 2022, Columbia CaseWorks

 

Into the Abyss and Back: COVID-19 and the Economy” (with Gabriele Martegiani and Nicolas Vincent), 2021, Columbia CaseWorks

 

Responding to the Oil Industry Downturn: Challenges to Debt Restructuring in the UAE,” 2018, Columbia Caseworks

 

"Lehman Brothers: Too Big to Fail?" (with Jack Lysohir and Emi Nakamura), 2016, Columbia CaseWorks

 

Standing at the Edge of a Cliff: GM at the Onset of the 2008 Financial Crisis,” (with Nicolas Vincent), 2014, Columbia CaseWorks

 

"The Obama Stimulus," 2014, Columbia CaseWorks

 

The Solow Model Unleashed: Understanding Economic Growth” (with Nicolas Vincent), 2013, Columbia CaseWorks


Op-Eds and Media

“Yared on Headwinds for Central Banks,” Bloomberg Surveillance, June 20, 2024


“What Global Factors Could Make Inflation Less Stable,” Brookings Podcast on Economic Activity, March 23, 2024


“The Macroeconomic Environment: Navigating the Uncertainty,” PwC Pulse: A Business Podcast for Executives, July 13, 2023


“Democrats Can’t Wish the National Debt Away,” Wall Street Journal, June 3, 2019.


“Kicking the Can Down the Road,” American Economic Association Interview, December 6, 2019


“Nothing to Celebrate,” City Journal, Winter 2018


“Five Ways to Fix the U.S. Job Market,” (w/Brett House), Fortune, March 7, 2014