Found 78 article(s) for author 'Kenneth Rogoff'

Golden Slumbers

Golden Slumbers. Kenneth Rogoff, July 8, 2013, Opinion. “In principle, holding gold is a form of insurance against war, financial Armageddon, and wholesale currency debasement. And, from the onset of the global financial crisis, the price of gold has often been portrayed as a barometer of global economic insecurity. So, does the collapse in gold prices – from a peak of $1,900 per ounce in August 2011 to under $1,250 at the beginning of July 2013 – represent a vote of confidence in the global economy? To say that the gold market displays all of the classic features of a bubble gone bust is to oversimplify….”  Link verified March 28, 2014

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The Federal Reserve in a Time for Doves

The Federal Reserve in a Time for Doves. Kenneth Rogoff, August 2, 2013, Opinion. “The battle is on to replace current US Federal Reserve Chairman Ben Bernanke. One might expect the Fed chairmanship – arguably the second most powerful official position in the United States, and certainly the world’s most powerful financial position – to be determined by a conclave of central bankers. In fact, the choice is largely at the discretion of the US president. So let us consider two of the leading candidates, Lawrence Summers, a former US treasury secretary, and current Fed Vice Chair Janet Yellen….”  Link verified March 28, 2014

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Inflation Is Still the Lesser Evil

Inflation Is Still the Lesser Evil. Kenneth Rogoff, June 6, 2013, Opinion. “The world’s major central banks continue to express concern about inflationary spillover from their recession-fighting efforts. That is a mistake. Weighed against the political, social, and economic risks of continued slow growth after a once-in-a-century financial crisis, a sustained burst of moderate inflation is not something to worry about. On the contrary, in most regions, it should be embraced. Perhaps the case for moderate inflation (say, 4-6% annually) is not so compelling as it was at the outset of the crisis, when I first raised the issue. Back then, against a backdrop of government reluctance to force debt …”  Link verified April 4, 2014

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Europe’s Lost Keynesians

Europe’s Lost Keynesians. Kenneth Rogoff, May 23, 2013, Opinion. “There is no magic Keynesian bullet for the eurozone’s woes. But the spectacularly muddle-headed argument nowadays that too much austerity is killing Europe is not surprising. Commentators are consumed by politics, flailing away at any available target, while the “anti-austerity” masses apparently believe that there are easy cyclical solutions to tough structural problems. The eurozone’s difficulties, I have long argued, stem from European financial and monetary integration having gotten too far ahead of actual political, fiscal, and banking union. This is not a problem with which Keynes was familiar, …” Link verified April 4, 2014

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Austerity is Not the Only Answer to a Debt Problem

Austerity is Not the Only Answer to a Debt Problem. Carmen Reinhart, Kenneth Rogoff, May 1, 2013, Article. “The recent debate about the global economy has taken a distressingly simplistic turn. Some now argue that just because one cannot definitely prove very high debt is bad for growth (though the weight of the results still say it is), then high debt is not a problem. Looking beyond the recent public debate about the literature on debt – we have already discussed our results on debt and growth in that context – the debate needs to be reconnected to the facts. Let us start with one: the ratios of debt to gross domestic product are at historically high levels…” Link

 

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The Long Mystery of Low Interest Rates

The Long Mystery of Low Interest Rates. Kenneth Rogoff, April 4, 2013, Opinion. “As policymakers and investors continue to fret over the risks posed by today’s ultra-low global interest rates, academic economists continue to debate the underlying causes. By now, everyone accepts some version of US Federal Reserve Chairman Ben Bernanke’s statement in 2005 that a “global savings glut” is at the root of the problem. But economists disagree on why we have the glut, how long it will last, and, most fundamentally, on whether it is a good thing. Bernanke’s original speech emphasized several factors – some that decreased the demand for global savings, and some that  …” Link verified April 4, 2014

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Mexico Breaking Good?

Mexico Breaking Good? Kenneth Rogoff, March 6, 2013, Opinion. “For a glimpse of the average American’s understanding of the relationship between the United States and Mexico, one only has to watch the critically acclaimed television series Breaking Bad. Set in Albuquerque, New Mexico, a few hundred miles from the border, the series chronicles the rise and fall of Walter White, a high school chemistry teacher who becomes a methamphetamine tycoon. Most of the characters on the US side of the border are portrayed with sympathy and depth. The main protagonist’s step-by-step descent into the drug underworld unfolds with such subtlety that each …” Link verified April 4, 2014

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Blaming the Fed

Blaming the Fed. Kenneth Rogoff, February 4, 2013, Opinion. “Critics of the US Federal Reserve are having a field day with embarrassing revelations of its risk assessments on the eve of the financial crisis. By law, the Fed is required to publish the transcripts of its Federal Open Market Committee (FOMC) meetings with a five-year lag. While the full-blown crisis did not erupt until the collapse of Lehman Brothers in September 2008, it was clear by the summer of 2007 that something was very wrong in credit markets, which were starting to behave in all sorts of strange ways. Yet many Fed officials clearly failed to recognize the significance of what was unfolding. One governor opined …” Link verified April 4, 2014

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The Unstarvable Beast

The Unstarvable Beast. Kenneth Rogoff, January 2, 2013, Opinion. “As the world watches the United States grapple with its fiscal future, the contours of the battle reflect larger social and philosophical divisions that are likely to play out in various guises around the world in the coming decades. There has been much discussion of how to cut government spending, but too little attention has been devoted to how to make government spending more effective. And yet, without more creative approaches to providing government services, their cost will continue to rise inexorably over time…”  Link verified March 28, 2014

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Shifting Mandates: The Federal Reserve’s First Centennial

Shifting Mandates: The Federal Reserve’s First Centennial. Kenneth Rogoff, 2013, Paper. “The Federal Reserve’s mandate has evolved considerably over the organization’s hundred-year history. It was changed from an initial focus in 1913 on financial stability, to fiscal financing in World War II and its aftermath, to a strong anti-inflation focus from the late 1970s, and then back to greater emphasis on financial stability since the Great Contraction. Yet, as the Fed’s mandate has expanded in recent years, its range of instruments has narrowed, partly based on a misguided…”  Link verified March 28, 2014

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