He is co-author of This Time is Different: Eight Centuries of Financial Folly and author of The Curse of Cash. According to Rogoff, the effects of the financial crisis is fading away in Europe and it has not completely resolved the problems in the banking system in the European Union. (We are now working on a second volume!) 15639 January 2010, Revised January 2010 JEL No. There is, of course, now a large literature on new open economy macroeconomics. What excites me most about these topics is that there are so many interesting and important problems where economic research can help provide a more disciplined structure for policy analysis. My paper showed, in the context of a very simple strategic model, why central bank independence can benefit a country even when, in the short term, the objective function of society and the central bank might seem to conflict. Some of the issues I have studied include international financial crises, central bank independence, exchange rates, current account imbalances and political budget cycles. Columnist. Kenneth Rogoff is a former chief economist of the International Monetary Fund and Professor of Economics and Public Policy at Harvard University. Email notification sign-up. and Kenneth S. Rogoff present a thorough historical and statistical tour of financial hubris through the centuries, a postmortem that will make you wonder how anyone ... and that political Kenneth Saul Rogoff learned chess from his father at age six, but only took up the game in earnest when he received a chess set for his 13th birthday. Rogoff grew up in Rochester, New York.His father was a Professor of Radiology at the University of Rochester.He attended East High School. This was an important policy problem at the time, given the tens of billions of dollars being spent, with the blessing and encouragement of the official community. But nevertheless, from a political strategy point of view it's a master stroke. Bulow and I concluded that simplistic models based on a purely reputational cutoff from international debt markets were insufficient, and that repayment of foreign debts ultimately had to rely either on creditor country legal institutions or, at a deeper level, on a broader interpretation of reputation extended to multiple dimensions of international relations (although then it starts to be difficult to attach falsifiable assumptions). He is co-author of This Time is Different: Eight Centuries of Financial Folly and author of The Curse of Cash. That seems to be the thinking behind the European Commission’s proposed financial transactions tax (FTT) – the Commission’s latest response to Europe’s festering growth and financing problems. Kalemli-Ozcan, Sebnem, Carmen Reinhart, and Kenneth Rogoff. ... That message is echoed in political debates, central … My 1996 Journal of Economic Literature paper shows that one structural factor that does seem to help long-term real exchange rate movements are deviations from “purchasing power parity,” albeit only very slowly at horizons of many years. Kenneth Rogoff: Well, this is something extraordinary we're facing. And it must be acknowledged that the French government provides excellent value in some key areas. July 2, 2002. Modern macroeconomics often seems to treat rapid and stable economic growth as the be-all and end-all of policy. Press Center. Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. This paper offers an equilibrium theory which preserves some basic insights from earlier models, though with significant refinements. This paper provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new … Equilibrium Political Budget Cycles By KENNETH ROGOFF* Political business cycle theories generally rely on nominal rigidities and voter myopia. Anxious to please their constituencies, governments would be cutting taxes, raising transfers, and boosting spending on particularly visible projects. He was soon recognised as a chess prodigy. Editor's Note: Kenneth Rogoff is Professor of Economics and Public Policy at Harvard University, and was formerly chief economist at the IMF. 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