Kenneth Rogoff

For Kenneth Rogoff's latest contributions to The Japan Times, see below:

Oct 4, 2013

U.S.' endless budget battle

The privilege of issuing the global reserve currency lowers the interest rates that the U.S. government and Americans pay. An unforced debt default could weaken this advantage.

Jun 7, 2012

The real deal on austerity and debt

Many, if not all, of the world’s most pressing macroeconomic problems relate to the massive overhang of all forms of debt. In Europe, a toxic combination of public, bank and external debt in the periphery threatens to unhinge the eurozone. Across the Atlantic, a ...

Oct 6, 2011

A beloved liberal tax that is wrong for Europe

Europe is already in pickle, so why not add more vinegar? That seems to be the thinking behind the European Commission’s proposed financial transactions tax (FTT) — the Commission’s latest response to Europe’s festering growth and financing problems. The emotional appeal of a tax ...

Sep 6, 2011

Will the IMF stand up to eurozone officials?

As the eurozone crisis continues to deepen, the International Monetary Fund may finally be acknowledging the need to reassess its approach. New Managing Director Christine Lagarde’s recent call for forced recapitalization of Europe’s bankrupt banking system is a good start. European officials’ incensed reaction ...

Aug 8, 2011

Medicine for the 'second great contraction'

Why is everyone still referring to the recent financial crisis as the “Great Recession”? The term, after all, is predicated on a dangerous misdiagnosis of the problems that confront the United States and other countries, leading to bad forecasts and bad policy. The phrase ...

Jul 14, 2011

Technology and the growing income gap

Until now, the relentless march of technology and globalization has played out hugely in favor of high-skilled labor, helping to fuel record-high levels of income and wealth inequality around the world. Will the endgame be renewed class warfare, with populist governments coming to power, ...

Jun 9, 2011

Indebted eurozone needs a dose of tough love

Europe is in constitutional crisis. No one seems to have the power to impose a sensible resolution of its peripheral countries’ debt crisis. Instead of restructuring the manifestly unsustainable debt burdens of Portugal, Ireland and Greece (the PIGs), politicians and policymakers are pushing for ...