Kenneth Rogoff on Eight Centuries of Financial Folly & The Curse of Cash

The Politics Guys

Michael Baranowski

Politics, News

4.5 • 772 Ratings

🗓️ 19 July 2017

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mike talks with Dr. Kenneth Rogoff, Professor of Economics and Thomas D. Cabot Professor of Public Policy at Harvard University. From 2001–2003, Dr. Rogoff was Chief Economist at the International Monetary Fund. He's a senior fellow at the Council on Foreign Relations, serves on the Economic Advisory Panel of the New York Federal Reserve, and is a member of the National Academy of Sciences as well as the American Academy of Arts & Sciences. Dr. Rogoff's books include 'Foundations of International Macroeconomics', the standard graduate text in the field, 'This Time Is Different: Eight Centuries of Financial Folly', and, most recently, 'The Curse of Cash: How Large-Denomination Bills Aid Crime & Tax Evasion and Constrain Monetary Policy', which just came out in an updated paperback edition. In this interview, Mike and Dr. Rogoff discuss: - commonalities in financial crises - the challenges of analyzing eight centuries of financial data - whether Dodd-Frank was a step in the right direction - why stability is inherently destabilizing - the inevitability of financial crises - why there are so many $100 bills in circulation - who benefits from large denomination bills - recommendations for macroeconomic literacy - and lots more! Dr. Rogoff Recommends - Lords of Finance. Liaquat Ahamed (http://amzn.to/2tn74OE) - Economix. Michael Goodwin (http://amzn.to/2tmD3yN) - The Economist (https://www.economist.com/) Follow Dr. Rogoff on Twitter (https://twitter.com/krogoff) Dr. Rogoff's Website (http://www.kennethrogoff.com/) Interested in supporting the show and getting even more Politics Guys content? Check out our Insiders program at https://www.patreon.com/politicsguys Your support of our sponsors helps keep The Politics Guys going. The sponsors of this show are: Dollar Shave Club, where new members get their 1st month of the Executive Razor with a tube of their Dr. Carver’s Shave Butter for ONLY $5 with FREE shipping. To take advantage of this great deal go to https://www.dollarshaveclub.com/TPG ZipRecruiter. Politics Guys listeners can post jobs on ZipRecruiter for FREE by going to https://www.ziprecruiter.com/politicsguySupport this podcast at — https://redcircle.com/the-politics-guys/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the politics, guys. I'm Michael Baranowski, a political scientist at Northern Kentucky University.
0:23.3	My guest today is Dr. Kenneth Rogoff, Professor of Economics and Thomas D. Cabot, Professor of Public Policy at Harvard University.
0:31.2	From 2001 to 2003, Dr. Rogoff was chief economist at the International Monetary Fund.
0:37.4	He's a senior fellow at the Council on Foreign Relations and is a member of the National
0:41.3	Academy of Sciences, as well as the American Academy of Arts and Sciences.
0:45.5	Dr. Rogoff's books include foundations of international macroeconomics, the standard graduate
0:51.0	text in the field, this time is different, eight centuries of financial folly, and most recently, a curse of cash,
0:58.2	how large denomination bills aid crime and tax evasion and constrained monetary policy,
1:03.6	which just came out in an updated paperback edition.
1:06.5	Dr. Rogoff, welcome to the show.
1:07.9	Michael, thank you for having me.
1:09.7	You know, I'd like to start with the book
1:11.6	that introduced me to your work. This time is different, which came out in 2009, shortly after our most
1:17.8	recent international financial crisis. It had a major impact and was nominated for, and won a bunch of
1:24.7	awards. And, you know, former Fair Fed Chairman Ben Bernanke called it an extraordinary piece of work.
1:30.7	And, well, my endorsement probably doesn't carry quite as much weight.
1:34.2	I would certainly agree with that.
1:36.1	So I'll take it.
1:38.2	So maybe you could tell me how this book came about and why you and your co-author,
1:43.9	Carmen Reinhart, decided to explore this long history of financial folly?
1:48.9	Well, we actually started working on the book seven years before we published it.
1:53.7	We were working together at the IMF.
	...

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