Kenneth Rogoff and Carmen Reinhart. It has been translated to over 20 languages and won the Paul A. Samuelson Award. She received her Ph.D. from Columbia University. [3] and Professor of Economics and Director of the Center for International Economics at the University of Maryland. "Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815–2015." The COVID-19 pandemic poses a once-in-a-generation threat to the world’s population. 20 posts • Page 1 of 1. kalm Supporter Posts: 47301 Joined: Thu Oct 01, 2009 10:36 pm I am a fan of: Eastern A.K.A. Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Kenneth Rogoff, and Carmen Reinhart. [1] They have one son. Carmen Reinhart and Kenneth Rogoff wrote a wildly influential book four years ago called This Time Is Different. Her work has been published in scholarly journals such as The American Economic Review, the Journal of Political Economy, the Quarterly Journal of Economics, and the Journal of Economic Perspectives. A Critique of Reinhart and Rogoff", "The spreadsheet error in Reinhart and Rogoff's famous paper on debt sustainability", "Researchers Finally Replicated Reinhart-Rogoff, and There Are Serious Problems", Learn how and when to remove this template message, https://en.wikipedia.org/w/index.php?title=Carmen_Reinhart&oldid=991266962, University of Maryland College of Behavioral and Social Sciences people, University of Maryland, College Park faculty, Wikipedia articles in need of updating from September 2020, All Wikipedia articles in need of updating, Pages using infobox economist as a module, Wikipedia articles with BIBSYS identifiers, Wikipedia articles with CANTIC identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License. Princeton University Press, Minos A. Zombanakis Professor of the International Financial System, Copyright © 2020 The President and Fellows of, Ash Center for Democratic Governance and Innovation, Belfer Center for Science and International Affairs, Mossavar-Rahmani Center for Business and Government, Shorenstein Center on Media, Politics and Public Policy, Taubman Center for State and Local Government, Reinhart, Carmen. Reinhart, Carmen, and Vincent Reinhart. This Time Is Different: Eight Centuries of Financial Folly reminded readers that the catastrophic 2008-09 … Federal Reserve Bank of San Francisco [4] She is a Research Associate at the National Bureau of Economic Research, a Research Fellow at the Centre for Economic Policy Research, Founding Contributor of VoxEU,[5] and a member of Council on Foreign Relations. are Fiscal Multipliers? Indeed, economist Paul Krugman argued that even the combination of the Oct. 2008 bailout plus the Feb. 2009 bailout did not go big enough, although Blinder states that they were large compared to previous bailouts. Although this is not the first disease outbreak to spread around the globe, it is the first one that governments have so fiercely combated. Assuming this role on June 15, 2020, Reinhart provides thought leadership for the institution at an unprecedented time of crisis. World Bank, Congressional Budget Office Advisory Board (nonremunerated) Claessens, Ricardo Hausmann, Peter Kenen, and Vincent Reinhart for very helpful comments and suggestions and, Facundo Martin, Juan Trevino, and Ioannis Tokatlidis for superb research assistance and the Center for International Political Economy for financial support. ", Reinhart, Carmen M., Vincent Reinhart, Christoph Trebesch. However, we recognize that such engagement can raise questions about perceived and potential conflicts of interest, so we disclose publicly the key professional activities of our faculty outside the Kennedy School. COVID-19 Poses the Greatest Challenge Yet to the U.N. Humanitarian System. Restructuring Argentina’s Private Debt is Essential. Washington: The World Bank named Harvard University professor Carmen Reinhart as its chief economist, tapping an expert in the history of debt and financial crises as the global economy suffers its deepest downturn since the Great Depression. Reinhart, Carmen M., Vincent Reinhart, Christoph Trebesch. (2010) ". [18], In a normal recession such as 1991 or 2000, the Keynesian tools of tax cuts and infrastructure spending (fiscal stimulus), and lowered interest rates (monetary stimulus), will usually right the economic ship in a matter of months and lead to recovery and economic expansion. Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. ... by Guest Blogger for Net Politics. Professor Reinhart held positions as Chief Economist and Vice President at the investment bank Bear Stearns in the 1980s. In 2018 she was awarded the King Juan Carlos Prize in Economics and NABE’s Adam Smith Award, among others. Carmen M. Reinhart University of Maryland In estimating the intertemporal elasticity of substitution, Hall finds that, when one takes account of time aggregation, point estimates are small and not significantly different from zero. "The Crisis Next Time: What We Should Have Learned from 2008. Carmen Reinhart. She was Senior Policy Advisor and Deputy Director at the International Monetary Fund and Chief Economist the investment bank Bear Stearns in the 1980s. "Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815–2015. graduate teaching at FIU,[10] Reinhart in 1978 went on to attend Columbia University graduate school. The Big Picture: Global Credit Themes in 2021. 3 Add to Bookmarks. Reinhart, Carmen M., and Christoph Trebesch. (Bloomberg Markets) -- When Carmen Reinhart and Kenneth Rogoff published their heavyweight history of financial crises in late 2009, the title was ironic. 11 Flow of Funds aggregate the private and public sectors, where the latter is comprised of federal (net), state and local and government enterprises. Nikkei Even the serious recession of 1982, which Blinder states "was called the Great Recession in its day", fits comfortably within this category of a typical recession, which will respond to the standard tools. The speed of the unwinding will only pick up as blame is assigned for the current mess. [1] After Reinhart passed her field examinations, she was hired as an economist by Bear Stearns and rose to the investment bank's chief economist three years later. by Guest Blogger for Women Around the World. KENNETH ROGOFF is the Thomas D. Cabot Professor of Public Policy and professor of economics at Harvard University. Carmen M. Reinhart (née Castellanos, born October 7, 1955) is a Cuban-born American economist and the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. E2,E3,E6,F3,F4,N10 ABSTRACT We study economic growth and inflation at different levels of government and external debt. Leigh Bureau Her work is featured in the financial press, including The Economist,[12] Newsweek,[13] The Washington Post,[14] and The Wall Street Journal. Carmen M. Reinhart (née Castellanos, born October 7, 1955) is a Cuban-born American economist and the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Moreover, since interest rates were already near zero, the standard monetary tool of lowering rates was not going to provide much help. I have received compensation or other payments in excess of $500 from the following organizations: Conference-related and speaking engagements, Federal Reserve Bank of Kansas City Carmen M. Reinhart is Professor of Economics and Director of the Center for International Economics at the University of Maryland. ", Reinhart, Carmen M., and Christoph Trebesch. Open borders seem to facilitate the spread of infection. In 2010, a pair of Harvard economists published a paper that confirmed the warnings of the global austerity movement. The vast uncertainty surrounding the possible spread of COVID-19 and the duration of the near-economic standstill required to combat it make forecasting little different from guessing. She has been the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School since 2012.[2]. READ MORE: Bank of England governor: 'Lasting changes' likely even with COVID-19 vaccine Reinhart wrote that the coming credit crunch will not be driven by a boom-bust pattern as had been the case in previous credit crunches, such as the one in Europe in 2007-2009, but instead to the the “historic magnitudes and likely persistence of the slump in economic activity.” [17], Fellow economist Alan Blinder credits both Reinhart and Kenneth Rogoff with describing highly relevant aspects of the 2008 financial institution near-meltdown and resulting serious recession. In addition to my position as a faculty member at Harvard, I am occasionally compensated for my participation in outside activities, such a speaking engagements, conference participation, reviewing, writing/editing articles or reports, royalties, consulting, and serving on panels/advisory boards. Globalization was first thrown into reverse with the arrival of the Trump administration in 2016. Dear Austerity Mavens... Post by kalm » Thu Apr 18, 2013 12:28 pm...you're doing it wrong. Born in Havana, Cuba, Reinhart arrived in the United States on January 6, 1966, at the age of 10, with her mother and father and three suitcases. by Stewart M. Patrick. ", "Rogoff and Reinhart defend their numbers", "Does High Public Debt Consistently Stifle Economic Growth? Please update this article to reflect recent events or newly available information. Previously, she was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics. ", Reinhart, Carmen M., and Christoph Trebesch. Published Version . 15639 January 2010, Revised January 2010 JEL No. [18], Recovery from what Blinder terms a Reinhart-Rogoff recession may require debt forgiveness, either directly or implicitly, by encouraging somewhat higher than normal rates of inflation. Peterson Institute for International Economics, "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems", "Professor Carmen Reinhart Joins Harvard Kennedy School Faculty", "Reinhart, Rogoff... and Herndon: The student who caught out the profs", "Carmen Reinhart Appointed as World Bank Group Chief Economist", "They Did Their Homework (800 Years of It)", "Romer roundtable: Debt will keep growing", "Don't Buy the Chirpy Forecasts: The history of banking crises indicates this one may be far from over", "Playing Down the Price Tag of the Fiscal Stimulus", Foresight: The International Journal of Applied Forecasting, "What Did We Learn from the Financial Crisis, the Great Recession, and the Pathetic Recovery?,", "How Much Unemployment Was Caused by Reinhart and Rogoff's Arithmetic Mistake? Asked whether central banks buying bonds to keep yields low is ultimately a zero-sum game when everyone’s doing it, Reinhart said, “This is a war. "Sovereign Debt Relief and Its Aftermath. [7][19] Rogoff and Reinhart claimed that their fundamental conclusions were accurate, despite the errors. Pro-austerity forces here and elsewhere in the world have seized upon the … : Humus The Proud Location: Northern Palouse. She was Senior Policy Advisor and Deputy Director at the International Monetary Fund and Chief Economist the investment bank Bear Stearns in the 1980s. "Sovereign Debt Relief and Its Aftermath." in Economics (summa cum laude) in 1975. Her best-selling book (with Kenneth S. Rogoff)  entitled This Time is Different: Eight Centuries of Financial Folly  documents the striking similarities of the recurring booms and busts that have characterized financial history. Large amounts of governmental debt, household debt, corporate debt, and financial institution debt were left in its wake. Project Syndicate By Carmen Reinhart and Carmen M. Reinhart. Smith Richardson Foundation, Bloomberg 197-2010, 2018. Subsequently, she spent several years at the International Monetary… To better understand how to solve public problems by improving policy and leadership, we engage directly with policymakers, public leaders, governments, nonprofit organizations, and for-profit businesses whose activities affect those problems. (with Carmen Reinhart and Ken Rogoff), Quarterly Journal of Economics, 134:2, 599–646, 2019. "The Crisis Next Time: What We Should Have Learned from 2008." [7], On May 20, 2020, Reinhart was appointed World Bank Chief Economist, starting on June 15, 2020.[8]. She also manages the Bank’s Development Economics Department. Reinhart, Carmen M., and Christoph Trebesch. ", Reinhart, Carmen, and Vincent Reinhart. According to Research Papers in Economics (RePec). May 6, 2020 Joseph E. Stiglitz, et al. The appointment is effective June 15, President David Malpass said in a statement Wednesday. May 15, 2020 Carmen M. Reinhart & Rob Subbaraman urge governments to cooperate on addressing supply-chain disruptions and refrain from protectionist measures. It has been translated to over 20 languages and won the Paul A. Samuelson Award, among others. CHRISTOPH TREBESCH is a professor of International Finance at … Carmen Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Wikimedia Commons During their analysis, Herndon, Ash and Pollin obtained the actual spreadsheet that Reinhart and Rogoff … [1] In 1988 she returned to Columbia to obtain her Ph.D. under the supervision of Robert Mundell. CARMEN M. REINHART is vice president and chief economist of the World Bank Group. 9:00 EST | 14:00 GMT . The authors also followed up with a couple of papers arguing the same thing. (2009). In the field of political business cycles, my 1988 Review of Economic Studies paper with Anne Sibert and my 1990 American Economic Review paper explore the incentives politicians have to time budget splurges prior to elections. "Exchange Rate Arrangements in the 21st Century: Which Anchor Will Hold? Learn more in our new issue. Foreign Affairs 97.6 (November/December 2018): 84–97. A separate and previous criticism is that the negative correlation between debt and growth need not be causal. She is also a member of American Economic Association, Latin American and Caribbean Economic Association,[6] and the Association for the Study of the Cuban Economy. They settled in Pasadena, California, during the early years before moving to South Florida, where she grew up. Outside of Reinhart's professional activities, she has received compensation for conference-related and speaking engagements, advisory boards, as well as writing and royalties. 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