Carmen Reinhart

Latest published

The persistence of global imbalances

The primary focus of this year’s Federal Reserve Bank of Kansas City symposium in Jackson Hole, Wyoming, which convenes the world’s leading central bankers, was not explicitly monetary policy.

August 30, 2017

One hundred years of indebtedness

Gabriel Garcia Marquez, the Nobel laureate novelist most famous for One Hundred Years of Solitude, was native to Colombia. Nonetheless, as a master of magical realism, Garcia Marquez would have appreciated Argentina’s recent combination of fact and fantasy.

June 30, 2017

Is the deflation cycle over?

Until the global financial crisis of 2008-2009, deflation had all but disappeared as a concern for policymakers and investors in the advanced economies, apart from Japan, which has been subject to persistent downward pressure on prices for nearly a generation.

February 01, 2017

Will dollar strength trigger intervention?

Only a small group of central banks refrain from intervening in the foreign exchange market to stabilize their currencies’ exchange rate or coax it in the desired direction.

January 02, 2017

Fleeing from Italy

Italy’s referendum on Dec. 4 will give voters the opportunity to approve or reject what some have described as the country’s most extensive constitutional reforms since the abolition of the monarchy at the end of World War II.

November 25, 2016

Brexit’s blow to globalization

The United Kingdom’s Brexit referendum has shaken equity and financial markets around the world. As in prior episodes of contagious financial turmoil, the victory of the “Leave” vote sent skittish global investors toward the usual safe havens.

June 30, 2016

Whose QE was it, anyway?

Between 1913 (when the United States Federal Reserve was founded) and the latter part of the 1980s, it would be fair to say that the Fed was the only game in town when it came to purchases of US Treasury securities by central banks.

March 02, 2016