Found 77 article(s) for author 'Kenneth Rogoff'

The 4% Non-Solution

The 4% Non-Solution. Kenneth Rogoff, June 6, 2014, Opinion. “For some time now, there has been concern that central bankers have “run out of bullets.” Having lowered their policy rates to near zero, they have engaged in increasingly extravagant measures such as “quantitative easing” and “forward guidance”. Given the fog cast over real economic activity by the financial crisis, it is difficult to offer a definitive assessment of just how well or badly those measures have worked. But it is clear that there must be a better way to do things.There is no longer any reason to let the zero bound on nominal interest rates continue to hamper…” Link verified August 21, 2014

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Paper money is unfit for a world of high crime and low inflation

Paper money is unfit for a world of high crime and low inflation. Kenneth Rogoff, May 28, 2014, Opinion. “Has the time come to consider phasing out anonymous paper currency, starting with large-denomination notes? Getting rid of physical currency and replacing it with electronic money would kill two birds with one stone. First, it would eliminate the zero bound on policy interest rates that has handcuffed central banks since the financial crisis. At present, if central banks try setting rates too far below zero, people will start bailing out into cash. Second, phasing out currency would address the concern that a significant fraction…” Link

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Where is the Inequality Problem?

Where is the Inequality Problem? Kenneth Rogoff, May 9, 2014, Opinion. “Reading Thomas Piketty’s influential new book Capital in the Twenty-First Century, one might conclude that the world has not been this unequal since the days of robber barons and kings. That is odd, because one might conclude from reading another excellent new book, Angus Deaton’s The Great Escape (which I recently reviewed), that the world is more equal than ever…” Link verified June 19, 2014

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Are Corporate Taxes Driving Jobs Overseas?

Are Corporate Taxes Driving Jobs Overseas? Kenneth Rogoff, May 7, 2014, Audio. “Corporate mergers and takeovers have reached their highest levels since 2007, driven in part by companies’ desire to leave the U.S. to save tax dollars. Harvard economist Ken Rogoff says to begin with, the business tax code is too complicated, like the rest of the U.S. tax code, and it was written for a 20th century economy…” Link 

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Costs and Benefits to Phasing Out Paper Currency

Costs and Benefits to Phasing Out Paper Currency. Kenneth Rogoff, May, 2014, Paper. “Despite advances in transactions technologies, paper currency still constitutes a notable percentage of the money supply in most countries. For example, it constitutes roughly 10% of the US Federal Reserve’s main monetary aggregate, M2. Yet, it has important drawbacks. First, it can help facilitate activity in the underground (tax-evading) and illegal economy. Second, its existence creates the artifact of the zero bound on the nominal interest rate. On the other hand, the enduring popularity of paper currency…” Link verified August 21, 2014

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A Surplus of Controversy

A Surplus of Controversy. Kenneth Rogoff, April 8, 2014, Opinion. “When the US Treasury recently added its voice to the chorus of critics of Germany’s chronic current-account surplus, it underscored the deep disagreement over what, if anything, should be done about it. The critics want Germany to increase its contribution to global demand by importing more and exporting less. The Germans view the maintenance of strong balance sheets as essential to their country’s stabilizing role in Europe…” Link verified June 19, 2014

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Malthus, Marx, and Modern Growth

Malthus, Marx, and Modern Growth. Kenneth Rogoff, March 4, 2014, Opinion. “The promise that each generation will be better off than the last is a fundamental tenet of modern society. By and large, most advanced economies have fulfilled this promise, with living standards rising over recent generations, despite setbacks from wars and financial crises…” Link verified June 19, 2014

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Handbook of International Economics

Handbook of International Economics. Gita Gopinath, Elhanan Helpman, Kenneth Rogoff, February 22, 2014, Book. “Increasing returns, imperfect competition and the positive theory of international trade (P. Krugman). Technology and trade (G.M. Grossman, E. Helpman). International trade theory: The evidence (E. Leamer, J. Levinsohn). Strategic trade policy (J.A. Brander). Political economy of trade policy (D. Rodrik). International rules and institutions for cooperative trade policy (R. Staiger). Estimating the effects of trade policy (R.C. Feenstra)…” May require purchase or user account. Link Verified October 11, 2014

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How Fragile are Emerging Markets?

How Fragile are Emerging Markets? Kenneth Rogoff, February 6, 2014, Opinion. “Emerging-market equities and exchange rates are again under severe downward pressure, but are the underlying economies really as fragile as global traders seem to fear? The short answer, for a few, is probably “yes,” but for most, “not just yet.” For most countries, what we are seeing is a recalibration as investors incorporate the risk that China’s GDP might rise more slowly, the US Federal Reserve might start tightening monetary conditions more quickly, and policy backsliding in many countries might undermine potential growth…” Link verified June 19, 2014

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Foreign-Aid Follies

Foreign-Aid Follies. Kenneth Rogoff, January 6, 2014, Opinion. “The huge gap between the world’s richest and poorest countries remains one of the great moral dilemmas for the West. It also presents one of the greatest challenges for development economics. Do we really know how to help countries overcome poverty? In his eloquently written and deeply researched new book The Great Escape: Health, Wealth, and the Origins of Inequality, Princeton University’s Angus Deaton urges caution. For those interested in world poverty, it is unquestionably the most important book on development assistance to appear… Link verified June 19, 2014

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