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User profiles for author:"Kenneth Rogoff"

Kenneth Rogoff

Professor of Economics, Harvard University
Verified email at harvard.edu
Cited by 42730

The optimal degree of commitment to an intermediate monetary target

[PDF] from oxfordjournals.org
K Rogoff - The Quarterly Journal of Economics, 1985 - qje.oxfordjournals.org
Abstract Society can sometimes make itself better off by appointing a central banker who
does not share the social objective function, but instead places “too large” a weight on
inflation-rate stabilization relative to employment stabilization. Although having such an ...
Cited by 2934 - Related articles - All 26 versions

Empirical exchange rate models of the seventies: Do they fit out of sample?

[PDF] from victoria.ac.nz
RA Meese… - Journal of international economics, 1983 - Elsevier
Abstract This study compares the out-of-sample forecasting accuracy of various structural
and time series exchange rate models. We find that a random walk model performs as well
as any estimated model at one to twelve month horizons for the dollar/pound, dollar/mark, ...
Cited by 2773 - Related articles - All 31 versions

The purchasing power parity puzzle

[PDF] from ysu.edu
K Rogoff - Journal of Economic literature, 1996 - JSTOR
FIRST ARTICULATED by scholars of the ISalamanca school in sixteenth century Spain, 1
purchasing power parity (PPP) is the disarmingly simple empirical proposition that, once
converted to a common currency, national price levels should be equal. The basic idea is ...
Cited by 2418 - Related articles - BL Direct - All 55 versions

[PDF] The six major puzzles in international macroeconomics: is there a common cause?

[PDF] from nber.org
M Obstfeld… - 2001 - nber.org
International macroeconomics is a field replete with truly perplexing puzzles, and we
generally have five to ten (or more) alternative answers to each of them. These answers are
typically very clever but far from thoroughly convincing, and so the puzzles remain. Why ...
Cited by 1879 - Related articles - View as HTML - BL Direct - All 58 versions

Exchange rate dynamics redux

[PDF] from harvard.edu
M Obstfeld… - 1996 - nber.org
Until now, thinking on open economy macroeconomics has been largely schizophrenic.
When it comes to analyzing exchange rate dynamics, an empirically-minded economist
abandons modern current account models which, while theoretically coherent, fail to ...
Cited by 1762 - Related articles - BL Direct - All 31 versions

The modern history of exchange rate arrangements: a reinterpretation

[PDF] from oxfordjournals.org
CM Reinhart… - 2002 - nber.org
Page 1. NBER WORKING PAPER SERIES THE MODERN HISTORY OF EXCHANGE
RATE ARRANGEMENTS: A REINTERPRETATION Carmen M. Reinhart Kenneth S.
Rogoff Working Paper 8963 http://www.nber.org/papers/w8963 ...
Cited by 1567 - Related articles - BL Direct - All 56 versions

Equilibrium political budget cycles

[PDF] from bke.hu
KS Rogoff - 1990 - nber.org
Page 1. NBER WORKING PAPER SERIES EQUILIBRIUM POLITICAL BUDGET CYCLES Kenneth
Rogoff Working Paper No. ... Kenneth Rogoff Economics Department 1180 Observatory Drive
University of Wisconsin Madison, WI 53706 (608)-263-3876 Page 3. ...
Cited by 1421 - Related articles - All 16 versions

[BOOK] This time is different: Eight centuries of financial folly

[PDF] from centerforfinancialstability.org
CM Reinhart… - 2009 - books.google.com
Page 1. THIS TIME 'S DIFFERENT Page 2. THIS TIME IS DIFFERENT Page 3. Page 4. THIS
TIME IS DIFFERENT Eight Centuries of Financial Folly CARMEN M. REINHART KENNETH
S. ROGOFF Princeton University Press Princeton and Oxford Page 5. ...
Cited by 1264 - Related articles - All 42 versions

Elections and macroeconomic policy cycles

[PDF] from federalreserve.gov
KS Rogoff… - 1988 - nber.org
Page 1. NBER WORKING PAPER SERIES ELECTIONS AND MACROECONOMIC
POLICY CYCLES Kenneth Rogoff Anne Sibert Working Paper No. 1838 ... eyele. Kenneth
Rogoff Economics Department 1180 Observatory Dr., Rm. ...
Cited by 1059 - Related articles - All 14 versions

The mirage of fixed exchange rates

[PDF] from harvard.edu
M Obstfeld… - 1995 - nber.org
This paper discusses the profound difficulties of maintaining fixed exchange rates in a world
of expanding global capital markets. Contrary to popular wisdom, industrialized-country
monetary authorities easily have the resources to defend exchange parities against ...
Cited by 1091 - Related articles - BL Direct - All 24 versions

Perspectives on PPP and long-run real exchange rates

[PDF] from ucdavis.edu
KA Froot… - Handbook of international economics, 1995 - Elsevier
Chapter 32 PERSPECTIVES ON PPP AND LONG-RUN REAL EXCHANGE RATES
KENNETH A. FROOT Harvard and NBER and KENNETH ROGOFF* Princeton University
Contents 1. Introduction 1648 2. Evolving tests of simple PPP 1649 2.1. Definitions and ...
Cited by 847 - Related articles - BL Direct - All 18 versions

Debt intolerance

[PDF] from google.com
CM Reinhart, KS Rogoff… - 2003 - nber.org
Page 1. NBER WORKING PAPER SERIES DEBT INTOLERANCE Carmen M. Reinhart
Kenneth S. Rogoff Miguel A. Savastano Working Paper 9908 http://www.nber.org/papers/
w9908 NATIONAL BUREAU OF ECONOMIC RESEARCH ...
Cited by 852 - Related articles - BL Direct - All 29 versions

A constant recontracting model of sovereign debt

[PDF] from chicagobooth.edu
JI Bulow… - 1987 - nber.org
Page 1. NBER WORKING PAPER SERIES A CONSTANT RECONTRACTING MODEL
OF SOVEREIGN DEBT Jeremy I. Bulow Kenneth Rogoff Working Paper No. 2088
NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 ...
Cited by 822 - Related articles - All 25 versions

It's baaack: Japan's slump and the return of the liquidity trap

[PDF] from ku.dk
PR Krugman, KM Dominquez… - Brookings Papers on Economic …, 1998 - JSTOR
THE LIQUIDITY TRAP-that awkward condition in which monetary policy loses its grip
because the nominal interest rate is essentially zero, in which the quantity of money
becomes irrelevant because money and bonds are essentially perfect substitutes-played ...
Cited by 826 - Related articles - BL Direct - All 18 versions

Sovereign debt: Is to forgive to forget?

[PDF] from harvard.edu
J Bulow… - The American Economic Review, 1989 - JSTOR
We show that, under fairly general conditions, lending to small countries must be supported
by the direct sanctions available to creditors, and cannot be supported by a country's"
reputation for repayment." This distinction is critically important for understanding the true ...
Cited by 796 - Related articles - All 19 versions

New directions for stochastic open economy models

[PDF] from 128.48.120.222
M Obstfeld… - Journal of international economics, 2000 - Elsevier
The paper develops a simple stochastic new open economy macroeconomic model based
on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty
allows one to analyze the effects of the monetary regime on welfare, expected output, and ...
Cited by 739 - Related articles - BL Direct - All 41 versions

Was it real? The exchange rate-interest differential relation over the modern floating-rate period

[PDF] from uw.edu.pl
R Meese… - Journal of Finance, 1988 - JSTOR
In this paper, we explore the relationship between real exchange rates and real interest rate
differentials in the United States, Germany, Japan, and the United Kingdom. Contrary to
theories based on the joint hypothesis that domestic prices are sticky and monetary ...
Cited by 629 - Related articles - All 10 versions

[PDF] The unsustainable US current account position revisited

[PDF] from nber.org
M Obstfeld… - 2007 - nber.org
Five years ago, we published a paper (Obstfeld and Rogoff 2000a) arguing that the US
current account deficit—then running at 4.4 percent of gross domestic product (GDP)—was
on an unsustainable trajectory over the medium term and that its inevitable reversal would ...
Cited by 617 - Related articles - View as HTML - BL Direct - All 61 versions

Financial globalization: a reappraisal

[PDF] from fazenda.gov.br
MA Kose, E Prasad, KS Rogoff… - 2006 - nber.org
... FINANCIAL GLOBALIZATION: A REAPPRAISAL M. Ayhan Kose Eswar Prasad Kenneth Rogoff
Shang-Jin Wei Working Paper 12484 http://www.nber.org/papers/w12484 ... 2006 by M. Ayhan Kose,
Eswar Prasad, Kenneth Rogoff and Shang-Jin Wei. All rights reserved. ...
Cited by 576 - Related articles - BL Direct - All 77 versions

Can international monetary policy cooperation be counterproductive?

[PDF] from harvard.edu
K Rogoff - Journal of International Economics, 1985 - Elsevier
Abstract This paper demonstrates that increased international monetary cooperation may
actually be counterproductive. The potential problem is that cooperation between central
banks may exacerbate the credibility problem of central banks vis-à-vis the private sector. ...
Cited by 565 - Related articles - All 9 versions

Is the 2007 US sub-prime financial crisis so different? An international historical comparison

[PDF] from iepecdg.com.br
CM Reinhart… - 2008 - nber.org
Page 1. NBER WORKING PAPER SERIES IS THE 2007 US SUB-PRIME FINANCIAL CRISIS
SO DIFFERENT? AN INTERNATIONAL HISTORICAL COMPARISON Carmen M. Reinhart Kenneth
S. Rogoff Working Paper 13761 http://www.nber.org/papers/w13761 ...
Cited by 516 - Related articles - BL Direct - All 60 versions

The intertemporal approach to the current account

[PDF] from wisc.edu
M Obstfeld… - Handbook of international economics, 1995 - Elsevier
Chapter 34 THE INTERTEMPORAL APPROACH TO THE CURRENT ACCOUNT MAURICE
OBSTFELD University of California, Berkeley and KENNETH ROGOFF* Princeton University
Contents 1. Introduction 2. The current account: Basic concepts and historical overview 3. ...
Cited by 530 - Related articles - BL Direct - All 15 versions

The aftermath of financial crises

[PDF] from bresserpereira.org.br
CM Reinhart… - 2009 - nber.org
Page 1. NBER WORKING PAPER SERIES THE AFTERMATH OF FINANCIAL
CRISES Carmen M. Reinhart Kenneth S. Rogoff Working Paper 14656
http://www.nber.org/papers/w14656 NATIONAL BUREAU OF ECONOMIC ...
Cited by 512 - Related articles - All 53 versions

[BOOK] Handbook of international economics

GM Grossman… - 1997 - books.google.com
... HANDBOOK OF INTERNATIONAL ECONOMICS VOLUME 3 Edited by GENE M. GROSSMAN
Princeton University and KENNETH ROGOFF Harvard University Amsterdam • Boston • Heidelberg
• London • New York • Oxford Paris • San Diego • San Francisco • Singapore ...
Cited by 478 - Related articles - All 10 versions

[PDF] Currency crises

[PDF] from nber.org
PR Krugman, KS Rogoff, S Fischer… - 1999 - nber.org
... McDonough Chapter URL: http://www.nber.org/chapters/c9803 Chapter pages in
book: (p. 421 - 466) Page 2. Currency Crises 1. Paul Krugman 2. Kenneth Rogoff
3. Stanley Fischer 4. William J. McDonough 1. Paul Krugman On ...
Cited by 451 - Related articles - View as HTML - All 13 versions

International institutions for reducing global financial instability

[PDF] from sfu.ca
K Rogoff - 1999 - nber.org
This paper asks how recent developments in research on banking and sovereign lending
can help inform the debate on choosing a new international financial architecture. A broad
range of plans is considered, including a global lender of last resort facility, an ...
Cited by 472 - Related articles - BL Direct - All 43 versions

[PDF] The out-of-sample failure of empirical exchange rate models: sampling error or misspecification?

[PDF] from nber.org
R Meese… - 1983 - nber.org
A companion study (Meese and Rogoff 1983) compared the out-ofsample fit of various
structural and time-series exchange rate models and finds that the random walk model1
performs as well as any estimated model at one-to twelve-month horizons for 1970s dollar ...
Cited by 437 - Related articles - View as HTML - All 15 versions

Global current account imbalances and exchange rate adjustments

[PDF] from iepecdg.com.br
M Obstfeld… - Brookings papers on economic activity, 2005 - JSTOR
Page 1. MAURICE OBSTFELD University of California, Berkeley KENNETH S.
ROGOFF Harvard University Global Current Account Imbalances and Exchange
Rate Adjustments This is the third in a series of papers we have ...
Cited by 385 - Related articles - BL Direct - All 50 versions

Global versus country-specific productivity shocks and the current account

[PDF] from federalreserve.gov
R Glick… - Journal of Monetary economics, 1995 - Elsevier
This paper develops and analytically tractable empirical model of investment and the current
account, and applies it to data from the G-7 countries. The distinction between global and
country-specific shocks turns out to be quite important for explaining current account ...
Cited by 394 - Related articles - All 13 versions

Risk and exchange rates

[PDF] from 128.32.105.3
M Obstfeld… - 1998 - nber.org
This paper develops an explicitly stochastic new open economy macroeconomics' model,
which can potentially be used to explore the qualitative and quantitative welfare differences
between alternative exchange rate regimes. A crucial feature is that we do not simplify by ...
Cited by 389 - Related articles - BL Direct - All 25 versions

This time is different: A panoramic view of eight centuries of financial crises

[PDF] from latrobefinancialmanagement.com
CM Reinhart… - 2008 - nber.org
Page 1. NBER WORKING PAPER SERIES THIS TIME IS DIFFERENT: A PANORAMIC
VIEW OF EIGHT CENTURIES OF FINANCIAL CRISES Carmen M. Reinhart Kenneth S.
Rogoff Working Paper 13882 http://www.nber.org/papers/w13882 ...
Cited by 346 - Related articles - BL Direct - All 122 versions

Global implications of self-oriented national monetary rules

[PDF] from oxfordjournals.org
M Obstfeld… - The Quarterly Journal of Economics, 2002 - qje.oxfordjournals.org
Abstract It is well-known that if international linkages are relatively small, the potential gains
to international monetary policy coordination are typically quite limited. But when goods and
financial markets are tightly linked, is it problematic if countries unilaterally design their ...
Cited by 336 - Related articles - BL Direct - All 37 versions

[PDF] Globalization and global disinflation

[PDF] from frb.org
K Rogoff - Economic Review-Federal Reserve Bank of Kansas …, 2003 - kc.frb.org
Over the past 10 years, global inflation has dropped from 30 percent to 4 percent. 1 Without
question, a large part of this breathtaking drop in inflation has to be attributed to improved
central bank institutions and practice: enhanced central bank independence, a greater ...
Cited by 334 - Related articles - View as HTML - BL Direct - All 31 versions

Speculative hyperinflations in maximizing models: Can we rule them out?

[PDF] from harvard.edu
M Obstfeld… - 1983 - nber.org
... SPECULATIVE HYPERINFLATIONS IN MAXIMIZING MODaS: CM WE RULE THEM OUT? Maurice
Obstteld Kenneth Rogoff Working Paper No. 855 ... Maurice Obstfeld Kenneth Rogoff Department of
Economics Division of International Finai MIT Board of Governors of the ...
Cited by 308 - Related articles - All 13 versions

Growth in a Time of Debt

[PDF] from stmarys-ca.edu
CM Reinhart… - 2010 - nber.org
Page 1. NBER WORKING PAPER SERIES GROWTH IN A TIME OF DEBT Carmen
M. Reinhart Kenneth S. Rogoff Working Paper 15639 http://www.nber.org/papers/
w15639 NATIONAL BUREAU OF ECONOMIC RESEARCH ...
Cited by 279 - Related articles - All 61 versions

Commodity currencies

[PDF] from harvard.edu
Y Chen… - Journal of International Economics, 2003 - Elsevier
This paper looks at real exchange rate behavior by focusing on three OECD economies
(Australia, Canada, and New Zealand) where primary commodities constitute a significant
share of their exports. For Australia and New Zealand especially, we find that the US ...
Cited by 264 - Related articles - All 23 versions

Exchange rate volatility and productivity growth: the role of financial development

[PDF] from ucl.ac.uk
P Aghion, P Bacchetta, R Ranciere… - 2006 - nber.org
This paper offers empirical evidence that real exchange rate volatility can have a significant
impact on long-term rate of productivity growth, but the effect depends critically on a
country's level of financial development. For countries with relatively low levels of financial ...
Cited by 257 - Related articles - BL Direct - All 55 versions

[PDF] The EMS, the EMU, and the Transition to a Common Currency

[PDF] from nber.org
KA Froot… - 1991 - nber.org
Over the past decade, the European Monetary System (EMS) has surprised most observers.
It has gone from a loose confederation of countries trying, by sometimes almost desperate
means, to coordinate exchange rates (and little else), to a powerful institution built on ...
Cited by 224 - Related articles - View as HTML - All 16 versions

North-South lending and endogenous domestic capital market inefficiencies

[PDF] from wustl.edu
M Gertler… - Journal of monetary Economics, 1990 - Elsevier
Abstract We develop an open-economy model of intertemporal trade under asymmetric
information. Capital market imperfections are endogenous and depend on a country's stage
of economic development. Relative to the perfect-information benchmark, North-South ...
Cited by 240 - Related articles - All 11 versions

Serial default and the" paradox" of rich to poor capital flows

[PDF] from uni-muenchen.de
CM Reinhart… - 2004 - nber.org
Page 1. NBER WORKING PAPER SERIES SERIAL DEFAULT AND THE “PARADOX”
OF RICH TO POOR CAPITAL FLOWS Carmen M. Reinhart Kenneth S. Rogoff
Working Paper 10296 http://www.nber.org/papers/w10296 ...
Cited by 231 - Related articles - BL Direct - All 27 versions

Banking crises: an equal opportunity menace

[PDF] from harvard.edu
CM Reinhart… - 2008 - nber.org
Page 1. NBER WORKING PAPER SERIES BANKING CRISES: AN EQUAL
OPPORTUNITY MENACE Carmen M. Reinhart Kenneth S. Rogoff Working Paper
14587 http://www.nber.org/papers/w14587 NATIONAL BUREAU OF ...
Cited by 230 - Related articles - All 34 versions

[BOOK] Foundations of international macroeconomics

[PDF] from kyoto-u.ac.jp
M Obstfeld, KS Rogoff… - 1996 - econ.kyoto-u.ac.jp
Page 1. 1 Obstfeld,M. and K.Rogoff Foundation of International Macroeconomics Chapter 4 The
Real Exchange Rate and the Terms of Trade (実質為替レート[RER]と交易条件[TOT]) Page 2. 2
Introduction ●The first three chapters →models with a single commodity ...
Cited by 3768 - Related articles - View as HTML - All 15 versions

The buyback boondoggle

[PDF] from harvard.edu
J Bulow, K Rogoff… - Brookings Papers on Economic Activity, 1988 - JSTOR
ACROSS Latin America today, countries are experimenting with marketbased debt reduction
to ease their massive foreign debt burdens. Brazil expects to swap $8 billion of its debt for
equity investments during 1988. During the first nine months of 1988, Chile swapped ...
Cited by 224 - Related articles - All 13 versions

Reputational constraints on monetary policy

[PDF] from vse.cz
KS Rogoff - 1987 - nber.org
Page 1. NBER WORKING PAPER SERIES REPUTATIONAL CONSTRAINTS ON MONETARY
POLICY Kenneth Rogoff Working Paper No. ... Kenneth Rogoff Economics Department 1180
Observatory Drive University of Wisconsin Madison, WI 53706 Page 3. ...
Cited by 208 - Related articles - All 13 versions

Traded goods consumption smoothing and the random walk behavior of the real exchange rate

[PDF] from mecon.gov.ar
K Rogoff - 1992 - nber.org
Conventional explanations of the near random walk behavior of real exchange rates rely on
near random walk behavior in the underlying fundamentals (eg. tastes and technology). The
present paper offers an alternative rationale, based on a fixed-factor neoclassical model ...
Cited by 211 - Related articles - All 12 versions

Addicted to dollars

[PDF] from bcrp.gob.pe
CM Reinhart, KS Rogoff… - 2003 - nber.org
Page 1. NBER WORKING PAPER SERIES ADDICTED TO DOLLARS Carmen M.
Reinhart Kenneth S. Rogoff Miguel A. Savastano Working Paper 10015
http://www.nber.org/papers/w10015 NATIONAL BUREAU OF ECONOMIC ...
Cited by 201 - Related articles - BL Direct - All 17 versions

Financial globalization: A reappraisal

[PDF] from nb.rs
MA Kose, E Prasad, K Rogoff… - IMF Staff Papers, 2009 - palgrave-journals.com
Abstract The literature on the benefits and costs of financial globalization for developing
countries has exploded in recent years, but along many disparate channels with a variety of
apparently conflicting results. There is still little robust evidence of the growth benefits of ...
Cited by 192 - Related articles - All 22 versions

The law of one price over 700 years

[PDF] from harvard.edu
KA Froot, M Kim… - 1995 - nber.org
This paper examines annual commodity price data from England and Holland over a span of
seven centuries. Our data set incorporates transactions prices on 8 commodities: barley,
butter, cheese, eggs, oats, peas, silver, wheat as well as pound/shilling nominal exchange ...
Cited by 173 - Related articles - BL Direct - All 21 versions

Exchange rate regime durability and performance in developing versus advanced economies

[PDF] from rochester.edu
AM Husain, A Mody… - Journal of Monetary Economics, 2005 - Elsevier
Cited by 178 - Related articles - BL Direct - All 19 versions

Global imbalances and the financial crisis: products of common causes

[PDF] from parisschoolofeconomics.eu
M Obstfeld… - 2010 - papers.ssrn.com
Abstract: This paper makes a case that the global imbalances of the 2000s and the recent
global financial crisis are intimately connected. Both have their origins in economic policies
followed in a number of countries in the 2000s and in distortions that influenced the ...
Cited by 189 - Related articles - All 48 versions

On the effects of sterilized intervention:: An analysis of weekly data

[PDF] from harvard.edu
K Rogoff - Journal of Monetary Economics, 1984 - Elsevier
Abstract As the recent empirical studies surveyed here illustrate, it is very difficult to
demonstrate that the exchange rate risk premium depends (through a portfolio balance
channel) on the currency composition of outside assets. The existence of a 'portfolio ...
Cited by 178 - Related articles - All 9 versions

[PDF] Impact of globalization on monetary policy

[PDF] from unomaha.edu
K Rogoff - a symposium sponsored by the Federal Reserve …, 2006 - cba.unomaha.edu
9 Figure 1 gives data only for the advanced countries from Kose et al (2006), employing the
Lane and Milessi-Ferretti (2006) data base. As they show, the trend is similar for the
emerging markets and developing countries, albeit the volume is much smaller as a share ...
Cited by 164 - Related articles - All 32 versions

Cleaning up third world debt without getting taken to the cleaners

[PDF] from utoronto.ca
J Bulow… - The Journal of Economic Perspectives, 1990 - JSTOR
S hould taxpayers of wealthy countries finance a leveraged buyout of third world debt? The
case for establishing an international debt discount facility rests on the belief that the
overhang of foreign commercial bank debt is stifling growth in the Highly Indebted ...
Cited by 153 - Related articles - All 17 versions

Perspectives on OECD economic integration: implications for US current account adjustment

[PDF] from escholarship.org
M Obstfeld… - Global Economic Integration: …, 2000 - books.google.com
The US current account deficit surged to 3.7 percent of GDP in 1999, up from an already
high average of 1.7 percent of GDP during 1992-1998. Over the next two years, the deficit is
projected to grow even more, reaching 4.3 percent of GDP in the current year 2000, and ...
Cited by 143 - Related articles - All 47 versions

The information content of the interest rate and optimal monetary policy

[PDF] from oxfordjournals.org
MB Canzoneri, DW Henderson… - The Quarterly Journal …, 1983 - qje.oxfordjournals.org
Page 1. THE QUARTERLY JOURNAL OF ECONOMICS Vol. XCVIII November 1983 No. 4 THE
INFORMATION CONTENT OF THE INTEREST RATE AND OPTIMAL MONETARY POLICY*
MATTHEW B. CANZONERI DALE W. HENDERSON KENNETH S. ROGOFF ...
Cited by 134 - Related articles - All 10 versions

[BOOK] Evolution and performance of exchange rate regimes

[PDF] from uniag.sk
K Rogoff, A Mody, R Brooks, N Oomes… - 2003 - books.google.com
Using recent advances in the classification of exchange rate regimes, this paper finds no
support for the popular bipolar view that countries will tend over time to move to the polar
extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable ...
Cited by 129 - Related articles - All 30 versions

Blessing or Curse? Foreign and underground demand for euro notes

K Rogoff, F Giavazzi… - Economic Policy, 1998 - JSTOR
Developing countries may hold as much as 25-30% of the 1.3trillionOECDcurrencysupply.AlthoughdollarholdingsappeartoexceedDM...
,theadventoftheeuromaychangethisbalance.Indeed,byissuinglarge-denominationnotesof100
,200and500,theEuropeanCentralBankappearstobewellp... 100 note. However, large- ...
Cited by 126 - Related articles - BL Direct - All 7 versions

[PDF] Financial globalization, growth and volatility in developing countries

[PDF] from nber.org
ES Prasad, K Rogoff, SJ Wei… - 2007 - nber.org
The wave of financial globalization since the mid-1980s has been marked by a surge in
capital flows among industrial countries and, more notably, between industrial and
developing countries. While these capital flows have been associated with high growth ...
Cited by 121 - Related articles - View as HTML - BL Direct - All 31 versions

Why not a global currency?

K Rogoff - The American Economic Review, 2001 - JSTOR
It appears likely that the number of currencies in the world, having proliferated along with the
number of countries over the past 50 years, will decline sharply over the next two decades.
The question I plan to pose here is: where, from an economic point of view, should we aim ...
Cited by 112 - Related articles - BL Direct - All 10 versions

From financial crash to debt crisis

[PDF] from harvard.edu
CM Reinhart… - 2010 - nber.org
Page 1. NBER WORKING PAPER SERIES FROM FINANCIAL CRASH TO DEBT
CRISIS Carmen M. Reinhart Kenneth S. Rogoff Working Paper 15795
http://www.nber.org/papers/w15795 NATIONAL BUREAU OF ECONOMIC ...
Cited by 120 - Related articles - All 52 versions

[BOOK] Bankruptcy procedures for Sovereigns: A history of ideas, 1976-2001

K Rogoff… - 2002 - books.google.com
This paper describes the evolution of ideas to apply bankruptcy reorganization principles to
sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne
Krueger's (2001) proposed" Sovereign Debt-Restructuring Mechanism," with brief ...
Cited by 109 - Related articles - BL Direct - All 15 versions

[CITATION] Reputation, coordination and monetary policy

KS Rogoff - 1987 - Domestic Studies Program, Hoover …
Cited by 102 - Related articles

[BOOK] Evolution and performance of exchange rate regimes

KS Rogoff - 2004 - books.google.com
... Hence, the policy analysis is intended for countries that choose to retain their own currencies.
The study was prepared by a staff team under the direction of Kenneth Rogoff, when he was
Economic Counsellor and Director of the IMF's Research Department. ...
Cited by 99 - Related articles - BL Direct - All 5 versions

Sovereign Debt repurchases: no cure for overhang

[PDF] from oxfordjournals.org
JI Bulow… - 1989 - nber.org
Page 1. NBER WORKING PAPER SERIES SOVEREIGN DEBT REPURCHASES: NO CURE
FOR OVERHANG Jeremy Bulow Kenneth Rogoff Working Paper No. 2850 ... Jeremy Bulow Kenneth
Rogoff Graduate School of Business Department of Economics Stanford University ...
Cited by 92 - Related articles - All 18 versions

Exchange rate dynamics with sluggish prices under alternative price-adjustment rules

[PDF] from federalreserve.gov
M Obstfeld… - 1984 - nber.org
Page 1. NBER WORKING PAPER SERIES EXCHANGE RATE DYNAMICS WITH
SLUGGISH PRICES UNDER ALTERNATIVE PRICE-ADJUSTMENT RULES Maurice
Obstfeld Kenneth Rogoff Working Paper No. 1173 NATIONAL ...
Cited by 85 - Related articles - All 11 versions

Ruling out divergent speculative bubbles

[PDF] from harvard.edu
M Obstfeld… - Journal of Monetary Economics, 1986 - Elsevier
Abstract The growth in the empirical literature on testing for divergent (in mean) speculative
bubbles indicates that existing theoretical arguments for ruling out such price paths are not
sufficiently compelling. Here we strengthen the case for ruling out explosive or implosive ...
Cited by 83 - Related articles - All 8 versions

Can exchange rate predictability be achieved without monetary convergence?: Evidence from the EMS

[PDF] from federalreserve.gov
K Rogoff - European Economic Review, 1985 - Elsevier
The evidence presented here suggests that the European Monetary System has indeed
coincided with more predictable exchange rates (nominal and real) between France,
Germany and Italy. But if increased monetary policy coordination is the main explanation, ...
Cited by 80 - Related articles - All 11 versions

Monetary models of dollar/yen/euro nominal exchange rates: Dead or undead?

K Rogoff - The Economic Journal, 1999 - Wiley Online Library
In Meese and Rogoff (1983a), we argued that it is surprisingly difŪcult to explain
systematically, much less predict, movements in major-currency nominal exchange rates.
Using rolling regressions to estimate a variety of (then) state-of-the-art monetary exchange ...
Cited by 77 - Related articles - All 7 versions

The Forgotten History of Domestic Debt*

[PDF] from sais-jhu.edu
CM Reinhart… - The Economic Journal, 2011 - Wiley Online Library
Skip to Main Content. Wiley Online Library will be disrupted 14
May from 10-12 BST for monthly maintenance. ...
Cited by 79 - Related articles - BL Direct - All 27 versions

[BOOK] FDI to Africa: The role of price stability and currency instability

[PDF] from uni-muenchen.de
KS Rogoff… - 2003 - books.google.com
... Page 4. © 2003 International Monetary Fund WP/03/10 IMF Working Paper Research Department
FDI to Africa: The Role of Price Stability and Currency Instability Prepared by Kenneth Rogoff
and Carmen Reinhartl January 2003 Abstract The views expressed in this Working ...
Cited by 66 - Related articles - All 17 versions

Multilateral negotiations for rescheduling developing country debt: a bargaining-theoretic framework

[PDF] from harvard.edu
J Bulow… - Staff Papers-International Monetary Fund, 1988 - JSTOR
A dynamic bargaining-theoretic framework is used to analyze multilateral negotiations for
rescheduling sovereign debt. The analysis illustrates how various factors, such as the
debtor's gains from trade and the level of world interest rates, affect the relative bargaining ...
Cited by 66 - Related articles - All 5 versions

Can exchange rates forecast commodity prices?

[PDF] from oxfordjournals.org
YC Chen, KS Rogoff… - The Quarterly Journal of …, 2010 - qje.oxfordjournals.org
Page 1. CAN EXCHANGE RATES FORECAST COMMODITY PRICES? ∗ YU-CHIN
CHEN KENNETH S. ROGOFF BARBARA ROSSI We show that “commodity currency”
exchange rates have surprisingly robust power in predicting ...
Cited by 66 - Related articles - BL Direct - All 59 versions

[CITATION] Rethinking Capital Controls: When should we keep an open mind?

K Rogoff - Finance and Development, 2002 - elibrary.ru
Аннотация Hard work remains to be done on capital account liberalization and its
sequencing with other policies to find the point at which the benefits to further capital market
integration stop exceeding the costs. In the meantime, there seems to be a good case for ...
Cited by 62 - Related articles

The continuing puzzle of short horizon exchange rate forecasting

[PDF] from harvard.edu
KS Rogoff… - 2008 - nber.org
Page 1. NBER WORKING PAPER SERIES THE CONTINUING PUZZLE OF SHORT
HORIZON EXCHANGE RATE FORECASTING Kenneth S. Rogoff Vania Stavrakeva
Working Paper 14071 http://www.nber.org/papers/w14071 ...
Cited by 59 - Related articles - All 15 versions

[BOOK] Early ideas on sovereign bankruptcy reorganization: A survey

K Rogoff… - 2002 - books.google.com
Abstract The views expressed in this Working Paper are those of the author (s) and do not
necessarily represent those of the IMF or IMF policy. Working Papers describe research in
progress by the author (s) and are published to elicit comments and to further debate. _ i
Cited by 55 - Related articles - All 13 versions

The IMF strikes back

[PDF] from kmu.edu.cn
K Rogoff - Foreign Policy, 2003 - JSTOR
Slammed by antiglobalist protesters, developing-country politicians, and Nobel Prize-
winning economists, the International Monetary Fund (IMF) has become Global Scapegoat
Number One. But IMF economists are not evil, nor are they invariably wrong. It's time to set ...
Cited by 51 - Related articles - BL Direct - All 20 versions

Grants versus loans for development banks

[PDF] from aea-net.org
J Bulow… - The American economic review, 2005 - JSTOR
In recent years, economists have increasingly debated whether multilateral development
banks, such as the World Bank, should switch from making subsidized loans to giving
outright grants. It is no small question. The combined loans of the World Bank Group and ...
Cited by 48 - Related articles - BL Direct - All 23 versions

[CITATION] Exchange rate arrangements entering the 21st century: Which anchor will hold?

E Ilzetzki, C Reinhart… - University of Maryland and Harvard University, 2008
Cited by 51 - Related articles

Do we really need a new international monetary compact?

[PDF] from harvard.edu
M Obstfeld… - 2000 - nber.org
In recent years, many countries have instituted monetary reforms aimed at improving anti-
inflation credibility. Is it a problem, however, that international welfare spillover effects
seldom receive much consideration in the design of monetary reforms? Surprisingly, the ...
Cited by 46 - Related articles - BL Direct - All 9 versions

Is the 2007 US sub-prime financial crisis so different?: An international historical comparison

[PDF] from nb.rs
CM Reinhart… - Panoeconomicus, 2009 - scindeks.nb.rs
Page 1. PANOECONOMICUS, 2009, 3, pp. 291-299 UDC 338.124.4(73) DOI:
10.2298/PAN0903291R ORIGINAL SCIENTIFIC PAPER Da li je američka sub-prime
finansijska kriza iz 2007. godine tako različita? Međunarodna istorijska komparacija ...
Cited by 42 - Related articles - All 52 versions

Negative net foreign asset positions and stability in a world portfolio balance model

[PDF] from harvard.edu
DW Henderson… - Journal of International Economics, 1982 - Elsevier
Abstract Negative net foreign asset positions have been associated with a troublesome
stability problem in flexible exchange rate regimes. In this paper a symmetrically-specified,
two-country, portfolio balance model is employed to provide some perspective on this ...
Cited by 42 - Related articles - All 7 versions

Comprehensive debt retirement: The Bolivian example

[PDF] from brookings-tsinghua.cn
JD Sachs, J Bulow… - Brookings Papers on Economic Activity, 1988 - JSTOR
IT IS USEFUL to warn, as Jeremy Bulow and Kenneth Rogoff do in another paper in this
issue, that" debt reduction" is not necessarily a panacea for heavily indebted countries.
Many of the new schemes for debt reduction, such as exit bonds, buybacks, and debt- ...
Cited by 39 - Related articles - All 8 versions

[PDF] Disinflation: an unsung benefit of globalization?

[PDF] from ieo-imf.org
KS Rogoff - Finance and Development, 2003 - ieo-imf.org
Page 1. LOBAL INFLATION has dropped from around 30 percent a year in the early
1990s to under 4 percent today (see chart). No wonder so many central bankers
are riding high. Inflation-therapy gurus claim to have found ...
Cited by 37 - Related articles - View as HTML - BL Direct - All 4 versions

[PDF] Oil and the global economy

[PDF] from nes.ru
K Rogoff - Harvard University, Massachusetts. Mimeo, 2006 - nes.ru
With oil prices cascading to new highs over the past few years, the topic of energy prices has
once again come to the fore. This paper gives an introduction to some of the key
macroeconomic and policy issues surrounding energy developments. Before turning to ...
Cited by 34 - Related articles - View as HTML - All 8 versions

[CITATION] Perspectives on exchange rate volatility

K Rogoff - Princeton University. Photocopy, 1998
Cited by 33 - Related articles

[CITATION] The Failure of Empirical Exchange Rate Models: No Longer New but Still True

K Rogoff - Economic Policy Web Essay, 2001
Cited by 32 - Related articles

Global imbalances and exchange rate adjustment

[PDF] from unibas.ch
K Rogoff - Journal of Policy Modeling, 2007 - Elsevier
An eventual adjustment of the outsized US current account deficit is likely to have significant
impact on global exchange rates unless it occurs only over a very long period. Policy
responses aimed at reducing the risk of a recession are warranted, but they will not ...
Cited by 30 - Related articles - All 11 versions

[CITATION] Moral hazard in IMF loans: How big a concern?

KS Rogoff - Finance and Development, 2002 - elibrary.ru
Поиск в библиотеке, Расширенный поиск. ...
Cited by 29 - Related articles - BL Direct

[CITATION] Foundations of International Macroeconomics, Chapter 4

M Obstfeld… - 1996 - The MIT Press
Cited by 27 - Related articles

[BOOK] Empirical exchange rate models of the seventies: are any fit to survive?

[PDF] from federalreserve.gov
R Meese, KS Rogoff… - 1981 - federalreserve.gov
... ANY FIT TO SURVIVE? by Richard Meese and Kenneth Rogoff NOTE: International
Finance Discussion Papers are preliminary materials circulated to stimulate
discussion and critical comment. References in publications to ...
Cited by 26 - Related articles - All 6 versions

[CITATION] Foreign and underground demand for euro notes: blessing or curse?

K Rogoff - Economic Policy, 1998
Cited by 26 - Related articles

Capital controls: myth and reality-a portfolio balance approach

[PDF] from iie.com
NE Magud, CM Reinhart… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES CAPITAL CONTROLS: MYTH AND REALITY -
A PORTFOLIO BALANCE APPROACH Nicolas E. Magud Carmen M. Reinhart Kenneth
S. Rogoff Working Paper 16805 http://www.nber.org/papers/w16805 ...
Cited by 27 - Related articles - All 64 versions

Official creditor seniority and burden-sharing in the former Soviet bloc

[PDF] from harvard.edu
J Bulow, K Rogoff, AS Bevilaqua, S Collins… - Brookings Papers on …, 1992 - JSTOR
THE COLLAPSE of the Soviet empire has created an unprecedented opportunity for political
and economic reform in Eastern Europe and the former Soviet Union (FSU). In response, the
Group of Seven industrialized democracies (G-7) has asked the two main international ...
Cited by 25 - Related articles - All 16 versions

A decade of debt

[PDF] from peircepark.com
CM Reinhart… - 2011 - nber.org
Page 1. NBER WORKING PAPER SERIES A DECADE OF DEBT Carmen M. Reinhart
Kenneth S. Rogoff Working Paper 16827 http://www.nber.org/papers/w16827 NATIONAL
BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts ...
Cited by 27 - Related articles - All 71 versions

[CITATION] Foundations of International Macroeconomics

K Rogoff… - 1996 - MIT Press
Cited by 24 - Related articles

Was it Real? The Exchange Rate-Interest Differential Relation, 1973-1984

R Meese… - 1989 - nber.org
... WAS IT REAL? THE EXCHANGE RATE-INTEREST DIFFERENTIAL RELATION, 1973—1984
Richard Meese Kenneth Rogoff Working Paper No. 1732 ... rates and real interest differentials.
Richard Meese Kenneth Rogoff University of California Economics Department ...
Cited by 22 - Related articles - All 9 versions

[BOOK] Productivity growth and the exchange rate regime [: the role of financial development

[PDF] from nber.org
P Aghion, P Bacchetta, R Ranciere, KS Rogoff - 2005 - nber.org
... Exchange Rate Regime: The Role of Financial Development 1 Philippe Aghion Harvard University
NBER Philippe Bacchetta Study Center Gerzensee FAME & CEPR Romain Ranciere CREI and
IMF Kenneth Rogoff Harvard University NBER July 7, 2005 1Preliminary draft. ...
Cited by 22 - Related articles - View as HTML - All 29 versions

[PDF] The Risks of Unilateral Exchange Rate Pegs

[PDF] from harvard.edu
K Rogoff - First International Conference, Bank of Korea, 1998 - economics.harvard.edu
Introduction1 The recent economic crisis in Asia has sent shock waves through the
international financial system, and will likely have significant economic ramifications for
several years. For academic economists, the Asian crisis is leading to a profound ...
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[CITATION] An evaluation of World Bank research, 1998–2005

A Deaton, A Banerjee, N Lustig… - Washington, DC: The World Bank, 2006
Cited by 22 - Related articles

[DOC] An open letter to Joseph Stiglitz

[DOC] from city.ac.uk
K Rogoff - Washington: IMF, July, 2002 - staff.city.ac.uk
At the outset, I would like to stress that it has been a pleasure working closely with my World
Bank colleagues—particularly my counterpart, Chief Economist Nick Stern—during my first
year at the IMF. We regularly cross 19th Street to exchange ideas on research, policy, and ...
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