Kenneth Rogoff
Kenneth Rogoff

Columns by Kenneth Rogoff in Finance & Development

Finance & Development

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Publications by Kenneth Rogoff

Last Updated: June 17, 2005


Foundations of International Macroeconomics (with Maurice Obstfeld). Cambridge, MA.: MIT Press, September 1996, 832 pp

Workbook for Foundations of International Macroeconomics (by Maurice Obstfeld, Kenneth Rogoff and Gita Gopinath). Cambridge, MA.: MIT Press, February 1998, 129 pp.

Handbook of International Economics, vol. 3, (Gene Grossman and Kenneth Rogoff, editors). Amsterdam: Elsevier Science Publishers B.V., 1995.


International Debt, Bargaining and Design of International Financial Institutions

"Debt Intolerance," (with Carmen M. Reinhart and Miguel A. Savastano), in William Brainard and George Perry (eds.), Brookings Papers on Economic Activity 1: 2003, 1-74.

"Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives 13, Fall 1999, 21-42. Also NBER Working paper 7265, July 1999.

"Official Creditor Seniority and Burden Sharing in the Former Soviet Bloc," (by Jeremy Bulow, Kenneth Rogoff and Afonso Bevilaqua, Brookings Papers in Macroeconomic Activity 1: 1992, 195-222.

"Dealing with Developing Country Debt in the 1990s," The World Economy 15, July 1992, 475-86.

"Sovereign Debt Repurchases: No Cure for Overhang" (with Jeremy Bulow), Quarterly Journal of Economics 106, November 1991, 1219-35.

"North-South Lending and Endogenous Domestic Capital Market Inefficiencies," (with Mark Gertler), Journal of Monetary Economics 26, October 1990, 245-266.

"Bargaining and International Policy Cooperation," American Economic Review 80, May 1990, 139-142.

"Cleaning Up Third-World Debt Without Getting Taken To the Cleaners," (with Jeremy Bulow), Journal of Economic Perspectives 4 (Winter 1990), 31-42.

"Introduction" to Symposium on New Institutions for Developing-Country Debt, Journal of Economic Perspectives 4 (Winter 1990), 3-6.

"Sovereign Debt: Is to Forgive to Forget?" (with Jeremy Bulow), American Economic Review 79 (March 1989), 43-50.

"A Constant Recontracting Model of Sovereign Debt" (with Jeremy Bulow), The Journal of Political Economy 97 (February 1989), 155-178.

"The Buyback Boondoggle" (with Jeremy Bulow), Brookings Papers on Economic Activity: no. 2, 1988, 675-698.

"Multilateral Negotiations for Rescheduling Developing Country Debt: A Bargaining-Theoretic Framework" (with Jeremy Bulow), International Monetary Fund Staff Papers 35 (December 1988), 644-657 [PDF file]. Reprinted in Jacob A. Frenkel, Michael P. Dooley and Peter Wickham (eds.), Analytical Issues in Debt (International Monetary Fund, Washington, D.C., 1989).

New Open Economy Macroeconomics

"Risk and Exchange Rates," (with Maurice Obstfeld), August 1998 [PDF file]. NBER Working Paper 6694, August 1998, forthcoming in Elhanan Helpman and Effraim Sadka (eds.), (volume of essays in honor of Assaf Razin), forthcoming, Cambridge University Press, 2002.

"New Directions for Stochastic Open Economy Models," (with Maurice Obstfeld), Journal of International Economics 50, Feb. 2000, 117-53.

"Exchange Rate Dynamics Redux," (with Maurice Obstfeld), Journal of Political Economy 103, June 1995, 624-60.

Exchange Rates

"The Modern History of Exchange Rate Arrangments: A Reinterpretation," (with Carmen Reinhart), NBER Working Paper 8963 (June 2002).

"The Law of One Price Over Seven Hundred Years", (with Kenneth Froot and Michael Kim), revised July 2001) IMF Working paper No. 01/174, November 2001. "Perspectives on Exchange Rate Volatility," in International Capital Flows, edited by Martin Feldstein (Chicago: University of Chicago Press and the NBER, 1999), 441-53 [PDF file].

"Monetary Models of Dollar/Yen/Euro Nominal Exchange Rates: Dead or UnDead?" Economic Journal 109, November 1999, F655-F659.

"The Risks of Unilateral Exchange Rate Pegs," in The Implications of Globalization of World Financial Markets, Alan Meltzer (ed.) (Seoul: The Bank of Korea, 1998), 153-170 [PDF file].

"The Purchasing Power Parity Puzzle," Journal of Economic Literature 34, June 1996, 647-68.

"The Mirage of Fixed Exchange Rates," (with Maurice Obstfeld), Journal of Economic Perspectives 9, Fall 1995, 73-96.

"Perspectives on PPP and Long-Run Real Exchange Rates," (with Ken Froot), in Handbook of International Economics vol. 3, Gene Grossman and Kenneth Rogoff (eds.), (Amsterdam: Elsevier Science Publishers B.V., 1995): 1647-88. NBER Working Paper 4952.

"Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate," Bank of Japan Monetary and Economic Studies 10, November 1992, 1-29. NBER Working Paper 4119.

"Was It Real? The Exchange Rate-Interest Differential Relation Over the Modern Floating Rate Period" (with Richard Meese), The Journal of Finance 43 (September 1988), 933-948.

"On the Effects of Sterilized Intervention: An Analysis of Weekly Data," Journal of Monetary Economics 14, (September 1984), 133-150.

Book review of Exchange Rate Determination (by Anne O. Krueger), Journal of International Economics 17 (August 1984), 187-188.

"Exchange Rate Dynamics with Sluggish Prices under Alternative Price-Adjustment Rules" (with Maurice Obstfeld), International Economic Review 25 (February 1984), 159-174.

"Time-Series Studies of the Relationship Between Exchange Rates and Intervention: A Review of the Techniques and Literature," Federal Reserve Staff Studies No. 132 (September 1983) [PDF file].

"Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?" (with Richard Meese), Journal of International Economics 14 (February 1983), 3-24.

"The Out-of-Sample Failure of Empirical Exchange Rate Models: Sampling Error or Misspecification?" (with Richard Meese), in Jacob Frenkel (ed.), Exchange Rates and International Macroeconomics (NBER and University of Chicago Press, 1983), 67-105.

International Monetary Policy Cooperation

"Global Implications of Self-Oriented National Monetary Rules," (with Maurice Obstfeld), Quarterly Journal of Economics 117 (May 2002), 503-535 [PDF file].

"Why Not a Global Currency," forthcoming American Economic Review 91, May 2001, 243-47 [PDF file].

"Achieving Exchange Rate Stability in a Tri-Polar World: A Target Zone System with a Rotating Anchor," in Kumiharu Shigehara (ed.) Price Stabilization in the 1990s, (London: McMillan Press, 1993).

"The EMS, the EMU, and the Transition to a Common Currency" (with Ken Froot), NBER Macroeconomics Annual 6, 1991, 269-317.

"Strategic Perspectives on Economic Policy," in Andrew Stevenson and David Vines (eds.), Information, Strategic Behavior and Economic Policy, (London: Basil Blackwell, 1991).

"Can Exchange Rate Predictability be Achieved Without Monetary Convergence? -- Evidence from the EMS," European Economic Review 28 (June-July 1985), 93-115.

"Can International Monetary Cooperation be Counterproductive?" Journal of International Economics 18 (May 1985), 199-217.

Current Accounts

"Perspectives on OECD Capital Market Integration: Implications for U.S. Current Account Adjustment," (with Maurice Obstfeld), in , Federal Reserve Bank of Kansas City Global Economic Integration: Opportunities and Challenges. ("Jackson Hole" conference), March 2001, pp. 169-208 [PDF file].

"The Intertemporal Approach to the Current Account," (with Maurice Obstfeld), in Handbook of International Economics vol. 3, Gene Grossman and Kenneth Rogoff (eds.), (Amsterdam: Elsevier Science Publishers B.V., 1995): 1731-99. NBER Working Paper 4893.

"Global versus Country-Specific Productivity Shocks and the Current Account," (with Reuven Glick), Journal of Monetary Economics 35, February 1995, 159-92.

"Negative Net Foreign Asset Positions and Stability in a World Portfolio Balance Model" (with Dale Henderson), Journal of International Economics 13 (August 1982), 85-104.

Monetary Policy and Central Bank Design

Comment on Krugman, "It's Baaack: Japan's Slump and the Return of the Liquidity Trap," by Paul Krugman, Brookings Panel on Economic Activity 2, Fall 1998, 194-199.

"Reputational Constraints on Monetary Policy," in K. Brunner and A. Meltzer (eds.), Carnegie-Rochester Conference Series on Public Policy Vol. 26 (Spring 1987). (Supplement to the Journal of Monetary Economics), 141-181. Revised and reprinted as "Reputation, Coordination and Monetary Policy" in Robert J. Barro (ed.), Modern Business Cycle Theory (Cambridge: Harvard University Press, 1989).

"Ruling Out Divergent Speculative Bubbles" (with Maurice Obstfeld), Journal of Monetary Economics 17 (May 1986), 349-362.

"The Optimal Degree of Commitment to an Intermediate Monetary Target," Quarterly Journal of Economics 100 (November 1985), 1169-1189.

"The Information Content of the Interest Rate and Optimal Monetary Policy" (with Matthew Canzoneri and Dale Henderson), Quarterly Journal of Economics 98 (November 1983), 545-566.

"Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?" (with Maurice Obstfeld), Journal of Political Economy 91 (August 1983), 675-687.

Political Budget Cycles

"Equilibrium Political Budget Cycles," American Economic Review 80, March 1990, 21-36.

"Elections and Macroeconomic Policy Cycles" (with Anne Sibert), The Review of Economic Studies 55 (January 1988), 1-16.


"The Six Major Puzzles in International Macroeconomics: Is there a Common Cause?" (with Maurice Obstfeld), in Ben Bernanke and Kenneth Rogoff (eds.), NBER Macroeconomics Annual 2000 (Cambridge: MIT Press). 339-390. Also NBER Working Paper 7777, July 2000.

"Foreign and Underground Demand for Euro Notes: Blessing or Curse?" Economic Policy 26, April 1998, 263-303.

Book review of The Age of Diminished Expectations: U.S Economic Policy in the 1990s (by Paul Krugman), Journal of Economic Literature 29 (December 1991), 1753-55.

"Comment" on Edward C. Prescott, "Theory Ahead of Business Cycle Measurement," in K. Brunner and A. Meltzer (eds.), Carnegie Rochester Conference Series on Public Policy Vol. 25 (Fall 1986).

"The Consistent Application of Boundary Conditions in Rational Expectations Models" (with Matthew Canzoneri), Economic Letters 4 (December 1979).

IMF Working Papers

Evolution and Performance of Exchange Rate Regimes, December 1, 2003 [PDF file]

FDI to Africa: The Role of Price Stability and Currency Instability, January 1, 2003 [PDF file]

Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001, August 1, 2002 [PDF file]

Early Ideas on Sovereign Bankruptcy Reorganization: A Survey, March 1, 2002 [PDF file]

Dornbusch's Overshooting Model After Twenty-Five Years, February 1, 2002 [PDF file]

Commodity Currencies and Empirical Exchange Rate Puzzles, February 1, 2002 [PDF file]

The Law of One Price Over 700 Years, November 1, 2001 [PDF file]