The Curse of Cash
How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy
How can we solve enormous global challenges—like recovering from the pandemic, or addressing the looming threat of climate change—while maintaining geopolitical stability? Ken Rogoff is an acclaimed economist at Harvard and the former Chief Economist for the International Monetary Fund (IMF), whose sharp insights have been relied upon by leaders and organizations looking to make sense of the economic forces shaping our futures. His New York Times bestseller This Time is Different offered an original perspective on the 2008 financial crash, and over a decade later, remains a relevant and thought-provoking text. In his talks, Rogoff uses his wealth of experience to provide perspective on forces driving growth, interest rates, and economic policy.
“Ken Rogoff's The Curse of Cash is an accessible and provocative book—one of the best I have read on economic policy.”— Business Economics
The global economy is expected to expand in 2021, in one of the fastest post-recession rates in the last 80 years. Yet the recovery will be unbalanced, says Harvard economist Ken Rogoff. While advanced economies and China are quickly rebounding from the Covid crisis, vaccine inequity in low-income and emerging market countries mean they will continue to struggle with the pandemic’s lasting effects, including sharply rising interest burdens. What happens next? And how will it ripple through the entire world? An expert in international finance, Rogoff has spent a lifetime analyzing financial crises, political economy, and macroeconomic themes. His lucid and compelling talks offer leaders, organizations, and investors a strong understanding of how to navigate today’s turbulent economic waters.
Rogoff’s breakthrough book This Time is Different, a New York Times bestseller (reaching 4th of all books on Amazon), put the 2008 financial crash into perspective by looking at the sobering patterns of financial behavior across different time periods and countries. Called “the most comprehensive study of financial crises and their aftermath,” the book has been widely cited by academics, policymakers, and journalists. In his more recent book, The Curse of Cash, Rogoff shows why, contrary to conventional economic wisdom, the regulation of paper bills—and now digital currencies—lies at the heart of some of the world’s most difficult problems. Rogoff explains why dominant digital government currencies are the inevitable endgame of the cryptocurrency boom, as is a significantly reduced role for paper currency. Such a transformation will also make it more feasible for central banks to lower interest rates below zero in emergency situations, a must for managing future crises.
Rogoff is Thomas D. Cabot Professor at Harvard University, known for his seminal work on exchange rates and on central bank independence. He is co-author of Foundations of International Macroeconomics, a treatise that has also become a widely-used graduate text in the field worldwide, and authors a monthly syndicated column on global economic issues published in over 50 countries. Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty, as well as a senior fellow at the Council on Foreign Relations. He is among the top ten on RePEc’s ranking of economists by scholarly citations. Rogoff is also an international grandmaster of chess.