Found 75 article(s) for author 'Kenneth Rogoff'

Kenneth Rogoff Slams One of the Most Popular Theories for What the Fed Should Do Next

Kenneth Rogoff Slams One of the Most Popular Theories for What the Fed Should Do Next. Kenneth Rogoff, September 11, 2015, Video, “Market participants have been coalescing around the view that the Federal Reserve’s liftoff from near-zero interest rates will be a “one and done” affair. That is, market metrics suggest that monetary policymakers will likely hike rates once, then wait a considerable time to assess how financial markets and the real economy digest this less stimulative stance. But in an appearance on Bloomberg Surveillance, Kenneth Rogoff, Harvard professor of economics and public policy, questioned the rationale of this view…Link

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Rogoff: Much higher chance of hard landing in China

Rogoff: Much higher chance of hard landing in China. Kenneth Rogoff, August 26, 2015, Video, “Harvard economist Ken Rogoff said Wednesday the chances of a sharp drop in growth in China have become more likely, but it’s hard to tell how sick the economy is due to lack of transparency. ‘We’re definitely seeing a slowdown. There’s definitely a much higher chance that it goes for the worst, that we have a hard landing’ he told CNBC’s “Squawk Box. ‘But it’s a cloud, exactly whats going on.’ What is also uncertain is how much of a cushion China has, he added…” Link

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A New Deal for Debt Overhangs?

A New Deal for Debt Overhangs? Kenneth Rogoff, August 4, 2015, Opinion. “The International Monetary Fund’s acknowledgement that Greece’s debt is unsustainable could prove to be a watershed moment for the global financial system. Clearly, heterodox policies to deal with high debt burdens need to be taken more seriously, even in some advanced countries. Ever since the onset of the Greek crisis, there have been basically three schools of thought. First, there is the view of the so-called troika (the European Commission, the European Central Bank, and the IMF), which holds that the eurozone’s debt-distressed periphery…Link

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A Grecian Formula for Courting Disaster

A Grecian Formula for Courting Disaster. Kenneth Rogoff, July 6, 2015, Opinion, “Following their charismatic prime minister and a pied piper parade of left-leaning economic pundits, the Greek people have voted resoundingly to “reject creditor demands for more austerity.” That’s nice, but who exactly is going to pay for less austerity? For most of the past several years, Greece has received considerably more cash than it has paid out. Although you would never know it from the world press, the so-called austerity that Greece has experienced since 2010 is almost entirely a result of having to rein in budget deficits that were wildly out of control.” Link

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Lessons from Greece and Other Unsuccessful Bailouts

Lessons from Greece and Other Unsuccessful Bailouts. Kenneth Rogoff, July 2, 2015, Opinion. “As the Greek crisis evolves, it is important to understand that a successful structural adjustment programme requires strong country ownership. Even if negotiators overcome the most recent sticking points, it will be difficult to trust in their implementation if the Greek people remain unconvinced. That has certainly been the experience so far...” Link

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Developing Asia: Will China’s infrastructure bank work?

Developing Asia: Will China’s infrastructure bank work? Kenneth Rogoff, May 2015, Paper. “With China set to lead a new $50 billion international financial institution, the Asian Infrastructure Investment Bank (AIIB), most of the debate has centered on the United States’ futile efforts to discourage other advanced economies from joining. Far too little attention has been devoted to understanding why multilateral development lending has so often failed, and what might be done to make it work better. Multilateral development institutions have probably had their most consistent success when they serve as ‘knowledge’ banks, helping to share experience…” Link

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Don’t Blame Germany for Greece’s Profligacy

Don’t Blame Germany for Greece’s Profligacy. Kenneth Rogoff, April 16, 2015, Opinion. “In the court of world opinion, a large majority seems to believe that even if the Greeks may have been a tad fiscally irresponsible, it is the Germans who have driven Greece into depression through cruel insistence on austerity and debt repayments. This populist narrative misses the essence of the problem: The Greeks are experiencing an emerging-market debt crisis, albeit one on steroids. Those convening in Washington, D.C., this week for the spring meeting of the International Monetary Fund might want to keep in mind that…” Link

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Japan’s exorbitant privilege

Japan’s exorbitant privilege. Kenneth Rogoff, February 18, 2015, Paper. “The concept of “exorbitant privilege” [euro] has received great attention from policy makers as well as academics worldwide. The idea originally referred to the willingness of foreigners to hold large quantities of US government debt at extremely low interest rates, due to the dollar’s world reserve currency status. In recent years, the term exorbitant privilege has been expanded to explain why the US appears to be enjoying excess return from its external assets over liabilities across all asset classes, including foreign direct investment, equities and other forms of portfolio investment…” Link

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Dealing with Debt

Dealing with Debt. Carmen M. Reinhart, Kenneth Rogoff, February 2015, Paper. “This paper explores the menu of options for renormalizing public debt levels relative to nominal activity in the long run, should governments eventually decide to do so. Orthodox ones for medium-term debt stabilization, the standard fare of officialdom, include enhancing growth, running primary budget surpluses, and privatizing government assets. Heterodox polices include restructuring debt contracts, generating unexpected inflation, taxing wealth, and repressing private finance. We examine 70 episodes across 22 advanced economies…” Link

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