Background
Rogoff, Kenneth Saul was born on March 22, 1953 in Rochester, New York, United States. Son of Stanley Miron and June Beatrice (Goldman) Rogoff.
(From the New York Times bestselling author of This Time I...)
From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion―and to battle financial crises by tapping the power of negative interest rates The world is drowning in cash―and it's making us poorer and less safe. Kenneth Rogoff, New York Times bestselling author of This Time Is Different, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money. Even as people in advanced economies are using less paper money, there is more cash in circulation―a record $1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy. As Rogoff shows, paper money can also cripple monetary policy. In the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future. The Curse of Cash offers a plan for phasing out most paper money―while leaving small-denomination bills and coins in circulation indefinitely―and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor. While phasing out the bulk of paper money will hardly solve the world’s problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.
http://www.amazon.com/gp/product/0691178364/?tag=2022091-20
(Throughout history, rich and poor countries alike have be...)
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.
http://www.amazon.com/gp/product/0691152640/?tag=2022091-20
(Foundations of International Macroeconomics is an innovat...)
Foundations of International Macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models.
http://www.amazon.com/gp/product/0262150476/?tag=2022091-20
(What will economic policy look like once the global finan...)
What will economic policy look like once the global financial crisis is finally over? Will it resume the pre-crisis consensus, or will it be forced to contend with a post-crisis "new normal"? Have we made progress in addressing these issues, or does confusion remain? In April of 2015, the International Monetary Fund gathered leading economists, both academics and policymakers, to address the shape of future macroeconomic policy. This book is the result, with prominent figures -- including Ben Bernanke, Lawrence Summers, and Paul Volcker -- offering essays that address topics that range from the measurement of systemic risk to foreign exchange intervention. The chapters address whether we have entered a "new normal" of low growth, negative real rates, and deflationary pressures, with contributors taking opposing views; whether new financial regulation has stemmed systemic risk; the effectiveness of macro prudential tools; monetary policy, the choice of inflation targets, and the responsibilities of central banks; fiscal policy, stimulus, and debt stabilization; the volatility of capital flows; and the international monetary and financial system, including the role of international policy coordination. In light of these discussions, is there progress or confusion regarding the future of macroeconomic policy? In the final chapter, volume editor Olivier Blanchard answers: both. Many lessons have been learned; but, as the chapters of the book reveal, there is no clear agreement on several key issues. ContributorsViral V. Acharya, Anat R. Admati, Zeti Akhtar Aziz, Ben Bernanke, Olivier Blanchard, Marco Buti, Ricardo J. Caballero, Agustín Carstens, Jaime Caruana, J. Bradford DeLong, Martin Feldstein, Vitor Gaspar, John Geanakoplos, Philipp Hildebrand, Gill Marcus, Maurice Obstfeld, Luiz Awazu Pereira da Silva, Rafael Portillo, Raghuram Rajan, Kenneth Rogoff, Robert E. Rubin, Lawrence H. Summers, Hyun Song Shin, Lars E. O. Svensson, John B. Taylor, Paul Tucker, José Viñals, Paul A. Volcker
http://www.amazon.com/gp/product/026203462X/?tag=2022091-20
(Up-to-date surveys of all major research areas in interna...)
Up-to-date surveys of all major research areas in international trade and international finance are presented in this volume. The chapters have a high standard of exposition, delivering ideas at the forefront of the field in a clear readable fashion. The volume has a good overall balance of theoretical and empirical coverage. The trade side of the volume surveys theoretical work on trade based on scale economics and imperfect competition, the relationship between trade and technological progress, strategic trade policy, the political economy of trade policy, and the rules and institutions of international trade, as well as empirical work on trade patterns, trade policies, and regional integration. The finance side covers topics such as exchange rates, purchasing power parity, the current account, the international transmission of business cycles, foreign ending, international capital markets, target zones and speculative attacks on fixed exchange rates, and international economic policy coordination. For students and researchers interested in understanding developments in modern international economics, this book is an essential reference.
http://www.amazon.com/gp/product/0444815473/?tag=2022091-20
(This book presents evidence that public debts in the adva...)
This book presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those of financial institutions and households, are in uncharted territory and are (in varying degrees) a contingent liability of the public sector in many countries. Historically, high leverage episodes have been associated with slower economic growth and a higher incidence of default or, more generally, restructuring of public and private debts. A more subtle form of debt restructuring in the guise of financial repression (which had its heyday during the tightly regulated Bretton Woods system) also importantly facilitated sharper and more rapid debt reduction than would have otherwise been the case from the late 1940s to the 1970s. It is conjectured here that the pressing needs of governments to reduce debt rollover risks and curb rising interest expenditures in light of the substantial debt overhang (combined with the widespread official aversion to explicit restructuring) are leading to a revival of financial repression, including more directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, and tighter regulation on cross-border capital movements.
http://www.amazon.com/gp/product/0881326224/?tag=2022091-20
Rogoff, Kenneth Saul was born on March 22, 1953 in Rochester, New York, United States. Son of Stanley Miron and June Beatrice (Goldman) Rogoff.
Bachelor/Master of Arts in Economics, Yale University, 1975. Doctor of Philosophy in Economics, Massachusetts Institute of Technology, 1980.
Rogoff is an elected member of the National Academy of Sciences and the American Academy of Arts and Sciences, as well as the Council on Foreign Relations and the Group of Thirty.
(What will economic policy look like once the global finan...)
(From the New York Times bestselling author of This Time I...)
(This book presents evidence that public debts in the adva...)
(Foundations of International Macroeconomics is an innovat...)
(Throughout history, rich and poor countries alike have be...)
(Up-to-date surveys of all major research areas in interna...)
Fellow: American Association for the Advancement of Science, World Economic Forum, Econometric Society, World Economic Forum. Member: National Academy of Sciences, International Grandmaster Chess, Council on Foreign Relations, Am Economic Association (member Trilateral Committee, vice president 2007), Gsap of Thirty.
chess
football
baseball
basketball
Married Evelyn Jane Brody, August 18, 1979 (div. 1989); Married Natasha Lance, June 25, 1995. Children: Gabriel, Juliana.