Professor of Economics and Public Policy at Harvard University and former chief economist at the IMF

Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. From 2001-2003, Rogoff served as Chief Economist and Director of Research at the International Monetary Fund. He is also a former Director of the Center for International Development at Harvard.

He later served as Economic Counsellor and Director, Research Department of the International Monetary Fund from August 2001 to September 2003. Rogoff was also in the spotlight because of his dispute with Joseph Stiglitz, a former Chief Economist of the World Bank and 2001 Nobel Prize winner.

Rogoff was the Charles and Marie Robertson Professor of International Affairs at Princeton University.

Rogoff’s research covers global economic issues, including exchange rates, international financial crises and monetary policy. Some of the issues he has studied include understanding exchange rates and current accounts, European Monetary Union, international macroeconomic policy coordination, developing-country debt crises, political budget cycles, reputation and monetary policy, purchasing power parity, and speculative hyperinflations.

Rogoff's treatise Foundations of International Macroeconomics (joint with Maurice Obstfeld) is the standard graduate text in the field worldwide, and his monthly syndicated column on global economic issues is published in 13 languages in over 50 countries.

He is on the Economic Advisory Panel of the Federal Reserve Bank of New York and the Central Bank of Sweden. Rogoff is an elected member of the American Academy of Arts and Sciences, as well as a member of the Council on Foreign Relations, the Trilateral Commission and the Group of Thirty. Rogoff is also a fellow of the Econometric Society and the World Economic Forum.

He holds the life title of international grandmaster of chess.

On This Time Is Different: Eight Centuries of Financial Folly

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"--claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. This book proves that premise wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned.

Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.

An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

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