Professor Carmen M. Reinhart
Department of Economics
University of Maryland
4118D Tydings Hall
College Park, Maryland
Tel: (301) 405-7006
Reinhart Sees Seven More Years of High Unemployment,
Bloomberg/Businessweek, Vivien Lou Chen, August 27, 2010.
They Did Their Homework (800 Years of It),
New York Times, Catherine Rampell, July 2, 2010.
What the Woman Lived,
Economic Principals, David
Warsh, November 1, 2009.
Thompson Reuter's Science Watch,
Carmen M. Reinhart on Studying Financial Crises, Fast Moving
Front Commentary, September 2010.
Carmen M. Reinhart is Professor
and Director of the Center for International Economics at
the University of Maryland.
She received her Ph.D. from
University. Professor Reinhart held positions as Chief
Economist and Vice President at the investment bank
Stearns in the 1980s, where she became interested in
financial crises, international contagion and commodity price
cycles. Subsequently, she spent several years at the
International Monetary Fund. She is a Research Associate at
the National Bureau of Economic
Research, a Research Fellow at the
for Economic Policy Research and a member of the Council on
Foreign Relations. Reinhart has served on numerous editorial
boards, panels, and has testified before congress.
She has written and published on a variety of topics in
macroeconomics and international finance and trade including:
international capital flows, exchange rates, inflation and commodity
prices, banking and sovereign debt crises, currency crashes, and
contagion. Her papers have been published in leading scholarly
Her work has helped to inform
the understanding of
crises for over a decade. In the early 1990s, she wrote
about the fickleness of capital flows to
emerging markets and the likelihood of abrupt reversals--before
the Mexican crisis of 1994-1995. Prior to the Asian crisis
(1997-1998), she documented the
international historical links between asset price bubbles and
banking crises, and how the latter could lead to currency crashes
creating a "twin crisis." She identified the possibility of severe economic dislocations from the
sub-prime crisis in 2007. Her work is frequently featured in
the financial press around the world.
Her latest book
S. Rogoff) entitled
Time is Different: Eight Centuries of Financial Folly
(Princeton Press) documents the striking similarities of the
recurring booms and busts that have characterized financial
history. It has been translated to 13 languages.
here for free worldwide delivery
Best Seller lists:
New York Times
November 12, 2009,
January 24, 2010,
February 14, 2010,
July 15, 2010.
New York Times,
November 2009, December
Wall Street Journal
July 19, 2010
Amazon US, Canada,
Germany (English books),
Japan (English books) , UK
Book Reviews and endorsements
The four most dangerous words in finance are
'this time is different.' Thanks to this masterpiece by
Carmen Reinhart at the University of Maryland and Kenneth
Rogoff of Harvard, no one can doubt this again. . . . The
authors have put an immense amount of work into collecting
the data financial institutions needed if they were to have
any chance of making quantitative risk management work.
Financial Times, September 28, 2009)
is quite simply the best empirical investigation of financial
crises ever published. Covering hundreds of years and bringing
together a dizzying array of data, Reinhart and Rogoff have made a
truly heroic contribution to financial history. This single
marvelous volume is worth a thousand mathematical models." Niall
Ferguson, author of The Ascent of
Money: A Financial History of the World
"This Time is Different is terrific,
for it gives just the perspective we need on the current world
economic crisis. People can't expect to understand the current
crisis without some in-depth look at past crises. That is exactly
what this excellent and timely book provides." Robert J.
Shiller, author of Irrational Exuberance and coauthor of
The research that went into this book has established
Reinhart and Rogoff as leading authorities on crises,
routinely cited by policymakers, academics and journalists
(including me). Everyone working on economic policy should
own "This Time is Different" and open it for a bracing blast
of sobriety when things seem to be going well. (Greg
Ip, Washington Post, October 25, 2009)
This Time Is Different is a splendid book.
One has to go back a long time to find another
develops new data and that illuminates old problems in new
ways. Burns and Mitchell's work at the
National Bureau comes to mind.
Allan H. Meltzer, author of the two-volume History of the
AEI Book Forum,
October 29, 2009
The list reminds one of Cole Porter. Moroccans do it and
Greeks do it, Thais do it and Koreans do it. Some Argentines
without means do it. Even Finns, Brits, Yanks and Swedes do
it.--No, I'm not talking about falling in love.
As "This Time Is Different: Eight Centuries of Financial
Folly," a valuable new book by Carmen Reinhart and Kenneth
Rogoff, makes clear, what these and dozens of other nations
do is produce financial crises that devastate their own
economies. Moreover, they explain, we are somewhere in the
middle of a big such crisis right now, and it is far from
clear how it will play out before it is all over.
Idaho Statesman, Edward Lotterman, November 2, 2009
Fall, (with Vincent R.
Reinhart), forthcoming in Federal Reserve Bank of Kansas City Economic Policy
Symposium, Macroeconomic Policy: Post-Crisis and Risks Ahead
at Jackson Hole, Wyoming, on August 26-28, 2010.
This Time is Different Chartbook: Country Histories on Debt,
Default, and Financial Crises, NBER
Working Paper 15815, March 2010.
From Financial Crash to
(with Kenneth S. Rogoff),
Paper 15795, March 2010. Forthcoming in American Economic Review.