Professor Carmen M. Reinhart
Department of Economics
University of Maryland
4118D Tydings Hall
College Park, Maryland 20742
Tel: (301) 405-7006

Profiled in:
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.
See also:
Thompson Reuter's Science Watch, Carmen M. Reinhart on Studying Financial Crises, Fast Moving Front Commentary, September 2010.

Biographical Information
Papers & Publications

Carmen M. Reinhart is Professor of Economics and Director of the Center for International Economics at the University of Maryland. She received her Ph.D. from Columbia University. Professor Reinhart held positions as Chief Economist and Vice President at the investment bank Bear 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 Centre 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 congressShe 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 journals.  

Her work has helped to inform the understanding of financial 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 (with Kenneth S. Rogoff)  entitled This 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.

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Best Seller lists:
New York Times Hardcover Nonfiction November 12, 2009,
January 24, 2010, February 14, 2010
, July 15, 2010.

New York Times, Hardcover Business, October 2009,
November 2009, December 2009, January 2010. 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. (Martin Wolf Financial Times, September 28, 2009)

"This 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 Animal Spirits

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 book that 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 Federal Reserve, 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 


After the 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 Debt Crisis, (with Kenneth S. Rogoff), NBER Working Paper 15795, March 2010. Forthcoming in American Economic Review.

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September 2009