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Results for tag:by Kenneth Rogoff

16 results

A New Deal for Debt Overhangs?

Published 04.08.2015
CAMBRIDGE – 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...

The 4% Non-Solution

Published 05.06.2014
PARIS – 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...

A Surplus of Controversy

Published 08.04.2014
CAMBRIDGE – 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...

Malthus, Marx, and Modern Growth

Published 04.03.2014
CAMBRIDGE – 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,...

How Fragile are Emerging Markets?

Published 07.02.2014
CAMBRIDGE – 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,...

Foreign-Aid Follies

Published 06.01.2014
MUMBAI – 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...

What’s the Problem With Advanced Economies?

Published 06.12.2013
CAMBRIDGE – Is today’s slow growth in advanced economies a continuation of long-term secular decline, or does it reflect the normal aftermath of a deep systemic financial crisis? More important, do we need to answer that question definitively in...

America’s Endless Budget Battle

Published 01.10.2013
GENEVA – Perhaps investors are becoming inured to the United States’ annual debt-ceiling debacle, now playing out for the third year in a row. But, as the short-term antics become more routine, the risks of long-term dysfunction become more...

Are Emerging Markets Submerging?

Published 03.09.2013
CAMBRIDGE – With economic growth slowing significantly in many major middle-income countries and asset prices falling sharply across the board, is the inevitable “echo crisis” in emerging markets already upon us? After years of solid – and...

Europe’s Lost Keynesians

Published 23.05.2013
CAMBRIDGE – 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...

The Long Mystery of Low Interest Rates

Published 04.04.2013
CAMBRIDGE – 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...

King Ludd is Still Dead

Published 01.10.2012
Since the dawn of the industrial age, a recurrent fear has been that technological change will spawn mass unemployment. Neoclassical economists predicted that this would not happen, because people would find other jobs, albeit possibly after a...

Will Governmental Folly Now Allow for a Cyber Crisis?

Published 12.07.2012
When the financial crisis of 2008 hit, many shocked critics asked why markets, regulators, and financial experts failed to see it coming. Today, one might ask the same question about the global economy’s vulnerability to cyber-attack. Indeed,...

Austerityand Debt Realism

Published 02.06.2012
.......what should governments be doing? One extreme is the simplistic Keynesian remedy that assumes that government deficits don’t matter when the economy is in deep recession; indeed, the bigger the better. At the opposite extreme are the...

The Euro at Mid-Crisis - What's Next for the Euro after the Irish Bailout?

Published 02.12.2010
CAMBRIDGE - Now that the European Union and the International Monetary Fund have committed €67.5 billion to rescue Ireland's troubled banks, is the eurozone's debt crisis finally nearing a conclusion? Unfortunately, no. In fact, we are probably...