Emmanuel Farhi

Emmanuel Farhi (8 September 1978 – 23 July 2020) was a French economist and professor of economics at Harvard University.[2][3] His research focused on macroeconomics and finance. He was a member of the French Economic Analysis Council to the French Prime Minister from 2010 to 2012.[4]

Emmanuel Farhi
Born(1978-09-08)8 September 1978
Paris, France
Died23 July 2020(2020-07-23) (aged 41)
NationalityFrench
InstitutionHarvard University (2006–2020)
Toulouse School of Economics
FieldMacroeconomics, Finance, Mathematical economics
Alma materÉcole Normale Supérieure
Corps des Mines
Massachusetts Institute of Technology
Doctoral
advisor		Ricardo J. Caballero[1]
Iván Werning[1]
Information at IDEAS / RePEc

Education

The son of an economist of Egyptian Jewish descent, Farhi grew up in Paris where he attended the Lycée Louis-le-Grand. At age 16 he won the Concours général in Physics and continued on to study Mathematics in preparatory class. Ranking 1st on the national entry exam to the elite engineering school École Polytechnique in 1997,[5] he eventually chose to attend another prestigious French graduate school, École Normale Supérieure.[6] He specialized in Mathematics obtaining 2nd place on the Agrégation de Mathematiques (French degree). He was then admitted to the Corps des Mines in 2001.

He finished his studies at the Massachusetts Institute of Technology (MIT) and was awarded a Ph.D. in 2006.[2] That same year he began working at Harvard as assistant professor in the Faculty of Arts and Sciences. He received tenure four years later when he was named a full professor.[7]

Career

Farhi started his career in the Economics department of Harvard in 2006[2] and was tenured in 2010.[8] One of the leading economists of his generation both in the U.S. and in France, Farhi’s research focused on macroeconomics and finance, specifically on financial stability and reforming the international monetary system. A former economic adviser to French Prime Minister François Fillon, the International Monetary Fund named Farhi one of the 25 best economists under 45 in 2014.

Though highly quantitative, his work shed light on practical issues such as macroprudential regulation, mitigating the impacts of economic crises or understanding the implications of fiscal policies. For example, he assessed the controversial Social VAT,[9] a measure introduced by French President Nicolas Sarkozy and repealed by his successor Francois Hollande only to reemerge under a different form: the "Competitiveness Pact". Farhi’s work cast a spotlight on a range of issues, including monetary economics, public finance, international economics, global imbalances, fiscal policy, and taxation. He also focused on issues like mitigating the impacts of economic crises and macroprudential regulation, a system used to describe the laws, rules, and conditions for banks and financial organizations that are meant to protect the whole financial system from risk.[10]

Farhi was granted several awards for his work, including

In September 2014, the IMF published a list of the 25 “economists under 45 [who] will have the most influence in the coming decades on our understanding of the global economy”. Farhi was one of the 7 French economists listed for his work on "monetary economics, international economics, finance and public finance, including research on global imbalances, monetary and fiscal policy, and taxation."[15]

Farhi frequently co-authored academic papers with Ivan Werning,[16] David Baqaee, Xavier Gabaix and Jean Tirole among many others.

Personal life

Farhi died on July 23, 2020. He was 41.[17] His death was widely rumored to be a suicide.[18][19]

Selected publications

Farhi authored and published many academic articles and a book.

  • Reforming the International Monetary System[20]
  • « Speculative Growth: Hints from the US Economy » (en coll.), American Economic Review, vol. 96, n° 4, September 2006.
  • « Saving and Investing for Early Retirement: A Theoretical Analysis » (en coll.), Journal of Financial Economics, vol. 83, n° 1, 2007.
  • « An Equilibrium Model of Global Imbalances and Low Interest Rates » (en coll.), American Economic Review, 2008.
  • « A Theory of Liquidity and Regulation of Financial Intermediation » (en coll.), Review of Economic Studies, 2009.
  • « Progressive Estate Taxation » (en coll.), Quarterly Journal of Economics, 2010.
  • « Nonlinear Capital Taxation without Commitment » (with Christopher Sleet, Iván Werning, and Sevin Yeltekin) Review of Economic Studies, October 2012, 79, no. 4: 1469–1493.

References
  1. Farhi, Emmanuel (2006). Three essays in macroeconomics (PDF) (Ph.D.). MIT. Retrieved 20 Jun 2017.
  2. "A Brief Biography". scholar.harvard.edu.
  3. "Leading Harvard economist Emmanuel Farhi dies at 41". Harvard.edu.
  4. "Anciens membres - Accueil | Conseil d'Analyse Economique | CAE". www.cae-eco.fr.
  5. "Arrêté du 25 septembre 1997 portant nomination des élèves admis en 1997 à l'Ecole polytechnique | Legifrance".
  6. , Former adviser to French prime minister known for his brilliance and kindness. The Harvard Gazette.
  7. , Former adviser to French prime minister known for his brilliance and kindness. The Harvard Gazette.
  8. "Economics Professor Emmanuel Farhi Awarded Tenure | News | The Harvard Crimson". www.thecrimson.com.
  9. "Pour une dévaluation fiscale".
  10. Former adviser to French prime minister known for his brilliance and kindness.
  11. "Bernacerprize". Bernacerprize. Archived from the original on June 6, 2013.
  12. "Association Française de Science Economique". www.afse.fr.
  13. "Le Cercle des économistes in France Names Professor Emmanuel Farhi as Recipient of 'The Best Young Economist' Award 2013". economics.harvard.edu.
  14. "TSE". TSE.
  15. "Generation Next -- Finance & Development, September 2014". www.imf.org.
  16. "International bright young things" – via The Economist.
  17. "Emmanuel Farhi has died at the age of 41". The Economist. 436 (9205). July 30, 2020. p. 59. ISSN 0013-0613. Retrieved 2020-08-01.
  18. Gavazzoni, Federico. "Ok, I will be the first one (that I follow on Twitter) to say it bright and clear. I find it extremely disturbing that we do not talk directly and plainly about the cause of death of Emmanuel Farhi. There, I said it". Twitter. Retrieved 2020-10-22.
  19. Warsh, David (2020-08-02). "Most economists who knew Harvard economist Emmanuel Farhi learned the cause of his death very quickly". Economic Principals. Retrieved 2020-10-22.
  20. "Reforming the International Monetary System | VOX, CEPR Policy Portal". voxeu.org.
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