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That’s one difference. Our son lives in this area. (2009). We came to Florida, where we’ve had a house for a … CARMEN REINHART: My husband and I are among the lucky ones because we can work from home. American Economic Review 100.2: 573–78. [18], In 2013, Reinhart and Rogoff were in the spotlight after researchers discovered that their 2010 paper "Growth in a Time of Debt" in The American Economic Review Papers and Proceedings had methodological and computational errors. Which restaurants are going to come back? Vincent’s brother lives in this area. The first lady who helped a great deal was Lora Skeahan and her husband Charlie. [9] A few years down the road, Reinhart also received her Ph.D. from Columbia University in 1988. But just as the hospitals can’t handle all the Covid-19 patients showing up in the same week, neither can our bankruptcy system and neither can the international financial institutions. So we use a much more modest version of recovery. I would point out that Greece, Ireland, and Portugal combined are a little over a third of Italian GDP. They [the emerging markets] had a “good” crisis in 2008, but they’re not going to this time, regardless of how the virus hits them. It seems very uncertain to me. So I think that if you were to ask me about an advanced economy debt issue, I think that is where it is most at the forefront. [17], Fellow economist Alan Blinder credits both Reinhart and Kenneth Rogoff with describing highly relevant aspects of the 2008 financial institution near-meltdown and resulting serious recession. Kennedy is executive editor for Bloomberg Economics in London. Kenneth Rogoff and Carmen Reinhart. CR: Yes. [1] In the 1990s, she held several positions in the International Monetary Fund. We’re talking about economies shrinking by 25% to 30%. If you look at the year 1918, when deaths in the U.S. during the Spanish influenza pandemic peaked, that’s 675,000. [1] After Reinhart passed her field examinations, she was hired as an economist by Bear Stearns and rose to the investment bank's chief economist three years later. It turns out this time really is different. CARMEN REINHART: My husband and I are among the lucky ones because we can work from home. We’ve not mentioned Italy, and that brings us to the euro zone. Reinhart is ranked among the top economists worldwide, based on publications and scholarly citations. And let’s remember, their population dynamic is completely changing. Let’s take monetary policy before the pandemic. Reinhart called her early life a “typical American immigrant story.” Born Carmen Castellanos, she and her parents fled what they perceived as an increasingly dangerous situation in Cuba in 1966. Obviously, this has been done to differing degrees of effectiveness in different countries, with Asia reacting much quicker and with much better near-term outcomes than Europe and the U.S. BM: How do you regard the economic policy response? They have one son. Her work is featured in the financial press, including The Economist,[12] Newsweek,[13] The Washington Post,[14] and The Wall Street Journal. Outside of Reinhart's professional activities, she has received compensation for conference-related and speaking engagements, advisory boards, as well as writing and royalties. Reinhart, Carmen M., Vincent Reinhart, Christoph Trebesch. Adds IMF warning in second paragraph. Also you probably need a debt moratorium that’s fairly widespread for emerging markets and developing economies. Please help by adding references that support its inclusion, or remove the category if none exist. Real GDP that year grew 9%. “The nineteenth and early twentieth centuries were filled with depressions,” write the husband-and-wife Reinharts. When you have, as we do today, very fragmented markets, markets that became totally illiquid, I think the way I would deal with that would not be through making rates more negative, but by an approach closer to the one taken by the Fed, which is through a variety of facilities that provide directed credit. I’m just going to grade how you’re hiring extra workers at home.” Obviously how you’re doing on the battlefield is driving everything. CR: There is talk on whether it’s going to be a W-shape if there’s a second wave and so on. Been massive and absolutely necessary of governmental debt, household debt, and inflationary spikes future. Give them food and water and concentrate medical attention of this story gave an year! Story from the banking problem to the International financial System at Harvard Kennedy school 2012! 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