Academic Papers

Working Paper
Ilzetzki, Ethan, Carmen M. Reinhart, and Kenneth S. Rogoff. Working Paper. “Why Is the Euro Punching Below Its Weight?”. NBER Working Paper
You, Yang, and Kenneth Rogoff. Working Paper. “Redeemable Platform Currencies”. NBER Working Paper
Lilley, Andrew, and Kenneth Rogoff. Forthcoming. “The Case for Implementing Effective Negative Interest Rate Policy.” Strategies for Monetary Policy, (Stanford: Hoover Institution Press), . SSRN
Rogoff, Kenneth. 2020. “Falling Real Interest Rates, Rising Debt: A Free Lunch?” The Journal of Policy Modelling. Journal of Policy Modeling
Abbas, S. M. Ali, and Kenneth Rogoff. 2019. “A Guide to Sovereign Debt Data.” Sovereign Debt: A Guide for Economists and Practitioners, Oxford University Press. IMF Working Paper 19/95
Rogoff, Kenneth. 2019. “Is This the Beginning of the End of Central Bank Independence? .” G30 Occasional Paper. Video
Rogoff, Kenneth, Kenneth Froot, and Michael Kim. 2019. “The Law of One Price Over 700 Years.” Annals of Economics and Finance 20 (1): 1-35. AEF
Ilzetzki, Ethan, Carmen M. Reinhart, and Kenneth S. Rogoff. 2019. “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?” Quarterly Journal of Economics 134 (2): 599-646. DATA;
PDF Appendix NBER Working Paper 23134
Magud, Nicolas E., Carmen M. Reinhart, and Kenneth S. Rogoff. 2018. “Capital Controls: Myth and Reality.” Annals of Economics and Finance 19 (1): 1-47. AEF
Capital Controls: Myth and Reality
Rogoff, Kenneth. 2016. “Debt Supercycle, Not Secular Stagnation.” Progress and Confusion: The State of Macroeconomic Policy. Cambridge: MIT Press, pp. 19-28. Version in VoxEU
Kalemli-Ozcan, Sebnem, Carmen Reinhart, and Kenneth Rogoff. 2016. “Sovereign Debt and Financial Crises: Theory and Historical Evidence.” Journal of the European Economic Association 14 (1): 1-6. JEEA
Ferraro, Domenico, Kenneth Rogoff, and Barbara Rossi. 2015. “Can Oil Prices Forecast Exchange Rates?” 54 (June): 116-141. JIMF Abstract

This paper investigates whether oil prices have a reliable and stable out-of-sample relationship with the Canadian/U.S dollar nominal exchange rate. Despite state-of-the-art methodologies, we find little systematic relation between oil prices and the exchange rate at the monthly and quarterly frequencies. In contrast, the main contribution is to show the existence of a very short-term relationship at the daily frequency, which is rather robust and holds no matter whether we use contemporaneous (realized) or lagged oil prices in our regression. However, in the latter case the predictive ability is ephemeral, mostly appearing after instabilities have been appropriately taken into account.

Reinhart, Carmen M, Vincent Reinhart, and Kenneth Rogoff. 2015. “Dealing with Debt.” Journal of International Economics 96, Supplement 1 (July): S43-S55. Publisher's Version;
PDF HKS Working Paper Version
Rogoff, Kenneth, and Takeshi Tashiro. 2015. “Japan's Exorbitant Privilege.” Journal of the Japanese and International Economies 35 (March): 43-61. JJIE Abstract
REITI Working Paper 2014 Update Dataset, November 2014 Updated data for Tables 1-3, May 2015.
Rogoff, Kenneth S. 2015. “Costs and Benefits to Phasing Out Paper Currency.” NBER Macroeconomics Annual 2014, Vol. 29: 445-456. Macro Annual Abstract

Despite advances in transactions technologies, paper currency still constitutes a notable percentage of the money supply in most countries. For example, it constitutes roughly 10% of the US Federal Reserve’s main monetary aggregate, M2. Yet, it has important drawbacks. First, it can help facilitate activity in the underground (tax-evading) and illegal economy. Second, its existence creates the artifact of the zero bound on the nominal interest rate. On the other hand, the enduring popularity of paper currency generates many benefits, including substantial seigniorage revenue. This paper explores some of the issues associated with phasing out paper currency, especially large-denomination notes.

NBER Working Paper 20126