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  1. Directory
  2. Faculty
  3. Pierre Yared

Pierre Yared

MUTB Professor of International Business
Economics Division
Co-Director
Richard Paul Richman Center for Business, Law, and Public Policy at Columbia University
Photo Image of Pierre Yared
Areas of Expertise
Asset Management, Globalization, Labor Markets, Macroeconomics, Organizations & Markets
Contact
Office: 549 Kravis
Phone: (212) 8549670
E-mail: [email protected]
Links
Personal Website
Curriculum Vitae

Pierre Yared is the MUTB Professor of International Business, currently on leave to serve as Vice Chairman of the Council of Economic Advisers in the Executive Office of the President of the United States. He previously served as the 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, studies the political economy of macroeconomic policy. 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 research associate of the National Bureau of Economic Research, a member of the Council on Foreign Relations, and a member of 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.

Education
A.B., Economics, Harvard University, 2001; Ph.D., Economics, Massachusetts Institute of Technology, 2007
Joined CBS
2007

All Activities

  • Research
  • Teaching
  • Awards and Honors
  • Press
  • CaseWorks
  • Cases
  • Courses Taught
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Halac, Marina and Pierre Yared
. “A Theory of Fiscal Responsibility and Irresponsibility.”
Journal of Political Economy
(Forthcoming).
Explore Further about A Theory of Fiscal Responsibility and Irresponsibility
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Journal Article
Schreger, Jesse, Pierre Yared , and Emilio Emilio Zaratiegui
. “Central Bank Credibility and Fiscal Responsibility.”
American Economic Review: Insights
(Forthcoming).
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Journal Article
Moser, Christian and Pierre Yared
. “Pandemic Lockdown: The Role of Government Commitment.” (Forthcoming).
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Journal Article
Afrouzi, Hassan, Marina Halac, Kenneth Rogoff, and Pierre Yared
. “Changing Central Bank Pressures and Inflation.”
Brookings Papers on Economic Activity
(March 01, 2024):
205
-
241
.
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Journal Article
Halac, Marina and Pierre Yared
. “Fiscal Rules and Discretion under Limited Enforcement.” (September 01, 2022).
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Journal Article
Debortoli, Davide, Ricardo Nunes, and Pierre Yared
. “The Commitment Benefit of Consols in Government Debt Management.” (June 01, 2022).
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Journal Article
Halac, Marina and Pierre Yared
. “Instrument-Based vs. Target-Based Rules.”
Review of Economic Studies
vol.
89
, (January 01, 2022):
312
-
345
.
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Journal Article
Debortoli, Davide, Ricardo Nunes, and Pierre Yared
. “Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey.”
Journal of Political Economy
vol.
129
, (March 24, 2021):
1640
-
1665
.
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Journal Article
Halac, Marina and Pierre Yared
. “Commitment vs. Flexibility with Costly Verification.”
Journal of Political Economy
vol.
128
, (October 01, 2020):
4523
-
4573
.
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Journal Article
Azzimonti, Marina and Pierre Yared
. “The Optimal Public and Private Provision of Safe Assets.”
Journal of Monetary Economics
vol.
102
, (April 01, 2019):
126
-
144
.
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Journal Article
Yared, Pierre
. “Rising Government Debt: Causes and Solutions for a Decades-Old Trend.”
Journal of Economic Perspectives
vol.
33
, (January 01, 2019):
115
-
140
.
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Journal Article
Yared, Pierre
. “Fiscal Rules and Discretion in a World Economy.”
American Economic Review
vol.
108
, (August 01, 2018):
2305
-
2334
.
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Journal Article
Azzimonti, Marina and Pierre Yared
. “A Note on Optimal Fiscal Policy in an Economy with Private Borrowing Limits.”
Economics Letters
vol.
151
, (February 01, 2017):
62
-
65
.
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Journal Article
Debortoli, Davide, Ricardo Nunes, and Pierre Yared
. “Optimal Time-Consistent Government Debt Maturity.”
The Quarterly Journal of Economics
vol.
132
, (January 01, 2017):
55
-
102
.
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Journal Article
Meng, Xin, Nancy Qian, and Pierre Yared
. “The Institutional Causes of China's Great Famine, 1959-1961.”
Review of Economic Studies
vol.
82
, (January 01, 2015):
1568
-
1611
.
Explore Further about The Institutional Causes of China's Great Famine, 1959-1961
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Journal Article
Yared, Pierre
. “Fiscal Rules and Discretion Under Persistent Shocks.”
Econometrica
vol.
82
, (September 01, 2014):
1557
-
1614
.
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Journal Article
Ales, Laurence, Pricila Maziero, and Pierre Yared
. “A Theory of Political and Economic Cycles.”
Journal of Economic Theory
vol.
153
, (January 01, 2014):
224
-
251
.
Explore Further about A Theory of Political and Economic Cycles
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Journal Article
Yared, Pierre
. “Public Debt under Limited Private Credit.”
Journal of the European Economic Association
vol.
11
, (January 01, 2013):
229
-
245
.
Explore Further about Public Debt under Limited Private Credit
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Journal Article
Padro i Miquel, Gerard and Pierre Yared
. “The Political Economy of Indirect Control.”
The Quarterly Journal of Economics
vol.
127
, (January 01, 2012):
947
-
1015
.
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Journal Article
Acemoglu, Daron, Michael Golosov, Aleh Tsyvinski, and Pierre Yared
. “A Dynamic Theory of Resource Wars.”
The Quarterly Journal of Economics
vol.
127
, (January 01, 2012):
283
-
331
.
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Journal Article
Acemoglu, Daron and Pierre Yared
. “Political Limits to Globalization.”
American Economic Review
vol.
100
, (May 01, 2010):
83
-
88
.
Explore Further about Political Limits to Globalization
Download PDF on Political Limits to Globalization
Journal Article
Yared, Pierre
. “Politicians, Taxes, and Debt.”
Review of Economic Studies
vol.
77
, (April 01, 2010):
806
-
840
.
Explore Further about Politicians, Taxes, and Debt
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Journal Article
Yared, Pierre
. “A Dynamic Theory of War and Peace.”
Journal of Economic Theory
vol.
145
, (January 01, 2010):
1921
-
1950
.
Explore Further about A Dynamic Theory of War and Peace
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Journal Article
Caballero, Ricardo and Pierre Yared
. “Future Rent-Seeking and Current Public Savings.”
Journal of International Economics
vol.
82
, (January 01, 2010):
124
-
136
.
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Journal Article
Acemoglu, Daron, Simon Johnson, James Robinson, and Pierre Yared
. “Reevaluating the Modernization Hypothesis.”
Journal of Monetary Economics
vol.
56
, (January 01, 2009):
1043
-
1058
.
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Journal Article
Acemoglu, Daron, Simon Johnson, James Robinson, and Pierre Yared
. “Income and Democracy.”
American Economic Review
vol.
98
, (June 01, 2008):
808
-
42
.
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Journal Article
Acemoglu, Daron, Simon Johnson, James Robinson, and Pierre Yared
. “From Education to Democracy?”
American Economic Review
vol.
95
, (January 01, 2005):
44
-
49
.
Explore Further about From Education to Democracy?
Download PDF on From Education to Democracy?
Working Paper
Pflueger, Carolin and Pierre Yared
. Global Hegemony and Exorbitant Privilege. December 15, 2024.
Explore Further about Global Hegemony and Exorbitant Privilege
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Working Paper
Afrouzi, Hassan, Marina Halac, Kenneth Rogoff, and Pierre Yared
. Monetary Policy without Commitment. April 26, 2023.
Explore Further about Monetary Policy without Commitment
Book
Yared, Pierre and Nicolas Vincent
. Intermediate Macroeconomics. 
New York
:
Pearson
, 2021.
Explore Further about Intermediate Macroeconomics
Chapter
Halac, Marina and Pierre Yared
. “Inflation Targeting under Political Pressure.” In
Independence, Credibility, and Communication of Central Banking
, edited by
Ernesto Pastén and Ricardo Reis
,
Chile
:
Central Bank of Chile
, 2020.
Explore Further about Inflation Targeting under Political Pressure
Download PDF on Inflation Targeting under Political Pressure
  • Courses
  • Case Studies
Course
B7583: Executive Ethics
View Course on Executive Ethics
Course
B8225: Structural Disruptions in the Global Economy
View Course on Structural Disruptions in the Global Economy
  • Awards & Honors
  • In the Media
  • Articles
In the Media

S&P 500, Nasdaq Close Higher as Traders Look past Trump Tariff Shake-Up

CNBC
In the Media

What Global Factors Could Make Inflation Less Stable?

Brookings
In the Media

The Macroeconomic Environment: Navigating the Uncertainty

PwC
In the Media

Coursera vs. 2U/edX? Noodle Joins the Fray

Inside Higher Ed
Article

Pierre Yared appointed as Vice Chairman of the Council of Economic Advisers (CEA)

Read More about Pierre Yared appointed as Vice Chairman of the Council of Economic Advisers (CEA)
Article

Dollars and Dominance: How Military Strength Secures Financial Power

Read More about Dollars and Dominance: How Military Strength Secures Financial Power
Article

America’s Silent Crisis

Read More about America’s Silent Crisis
Article

Why Inflation Could Stay High Despite Central Bank Efforts

Read More about Why Inflation Could Stay High Despite Central Bank Efforts
Article

Is Higher Inflation Our New Normal?

Read More about Is Higher Inflation Our New Normal?
Article

The US Debt Showdown: Catastrophe or Opportunity?

Read More about The US Debt Showdown: Catastrophe or Opportunity?
Article

The Future of Executive Education: Leading on Climate, Finance

Read More about The Future of Executive Education: Leading on Climate, Finance
Article

Interest Rates and Inflation: What's Next for the Federal Reserve?

Read More about Interest Rates and Inflation: What's Next for the Federal Reserve?
Article

Interest Rates and Inflation: What’s Next for the Federal Reserve?

Read More about Interest Rates and Inflation: What’s Next for the Federal Reserve?
Article

The Fed and Interest Rates: Is Flexibility is the Best Approach?

Read More about The Fed and Interest Rates: Is Flexibility is the Best Approach?
  • CaseWorks
Case ID
230303

How to Fight Inflation: March 2022 FOMC Meeting

Given current levels of inflation, what action should the Federal Open Market Committee (FOMC), the body that decides on the policy stance of the Federal Reserve, take in determining the level of the key policy interest rate?

View Case on How to Fight Inflation: March 2022 FOMC Meeting
Case ID
210307

Into the Abyss and Back: COVID-19 and the Economy

What impact will the COVID-19 virus have on the global economy—and what simulation tools can assist in understanding this impact?

View Case on Into the Abyss and Back: COVID-19 and the Economy
Case ID
190301

Responding to the Oil Industry Downturn: Challenges to Debt Restructuring in the UAE

How should a UAE oil services company address its cash flow and debt service issues during the market downturn?

View Case on Responding to the Oil Industry Downturn: Challenges to Debt Restructuring in the UAE
Case ID
160312

Lehman Brothers: Too Big to Fail?

Should Lehman Brothers have been rescued or allowed to fail in 2008?

View Case on Lehman Brothers: Too Big to Fail?
Case ID
150303

Standing at the Edge of a Cliff: GM at the Onset of the 2008 Financial Crisis

With the global economy at a crossroads in 2008, how should General Motors allocate its capital?

View Case on Standing at the Edge of a Cliff: GM at the Onset of the 2008 Financial Crisis
Case ID
140312

The Obama Stimulus

What was the true economic impact of the 2009 American Recovery and Reinvestment Act (ARRA)?

View Case on The Obama Stimulus
Case ID
130304

The Solow Model Unleashed: Understanding Economic Growth

How does the Solow Model help to explain a country's economic growth?

View Case on The Solow Model Unleashed: Understanding Economic Growth

 

““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

 

Macroeconomics for Executives: Navigating Global Risks and Trends (Executive Education)

The Future of the World Economy After the Financial Crisis (MBA)

Global Economic Environment (EMBA)

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