In fact, i wrote my first journal article two on the topic two decades ago, when i already thought it was a compelling idea. Eight centuries of financial folly and author of the curse of cash. How largedenomination bills aid crime and tax evasion and constrain monetary policy. The curse of cash makes case for a world without paper money nprs robert siegel talks with kenneth rogoff about his latest book, the curse of cash, in which he argues advanced economies should. For example, it constitutes roughly 10% of the us federal reserves main monetary aggregate, m2. Harvard economist kenneth rogoff 2017 has objected to it as a polemical exaggeration in his response to a critical essay. Kenneth saul ken rogoff born march 22, 1953 is an american economist and chess grandmaster. Kenneth rogoff discusses the curse of cash, his new book about phasing out most paper money to fight crime and tax evasionand to battle financial crises by tapping the power of.
Eight centuries of financial folly has been very widely cited by academics, policymakers and journalists. The curse of cash livros na amazon brasil 97806911722. Kenneth s rogoff teaches in the economics department of harvard university where he is thomas d cabot professor of public policy. The curse of cash by kenneth rogoff ft business book of. Rogoff, one of the worlds leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish. Professor kenneth rogoff s curse of cash convincingly argues that we pay a high price for our commitment to cash. Eighty percent of us currency is in hundred dollar bills, yet few of us actually carry large bills around except perhaps in the bay area, where the atms do dispense.
Rogoff makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish. Kenneth rogoff is a senior fellow at the council on foreign relations and the thomas d. In the curse of cash, kenneth rogoff, one of the worlds leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish. In the curse of cash, kenneth rogoff, the world is drowning in cash and its making us poorer and less safe. Nobel symposium kenneth rogoff indebtedness of governments, firms, and households duration. In his recent book, the curse of cash, ken rogoff makes the case for getting rid of handtohand currency. From 20012003, rogoff served as chief economist at the international monetary fund.
Rogoff the curse of cash princeton university press, princeton, new jersey, 2016, 248 pp. T he johnslaw and keynes strove to defenestrate gold, and they rather liked fiat paper. Kenneth rogoff sets out a compelling and wideranging argument for weaning our economies off paper money. The curse of cash isbn 97806911722 pdf epub kenneth s.
The world is drowning in cash and its making us poorer and less safe. From the new york times bestselling author of this time is different, the curse of cash is a fascinating and important book ben bernanke about phasing out most paper. Harvard book store welcomes harvard professor and former chief economist of the international monetary fund kenneth s. The phrase war on cash is of course intended to be dramatic. Because cash is widely used in underground economic activity, rogoff believes that the elimination of largedenomination notes would help to significantly curtail crime and tax evasion. Kenneth rogoff, professor of economics and public policy at harvard university and recipient of the 2011 deutsche bank prize in financial economics, was the chief economist of the international monetary fund from 2001 to 2003. Rogoff for a discussion of his latest book, the curse of cash. The high stakes of the coming digital currency war by. Cabot professor of public policy at harvard university. But advances in payment technology have always driven both new payment media and monetary theory. The most comprehensive defense of this proposal is kenneth s. Cash, according to rogoff, is largely used to buy and sell illegal goods and services and evade taxes. The curse of cash kenneth rogoff harvard university. In the curse of cash, acclaimed economist kenneth rogoff explores the past, present, and future of currency, from ancient china to todays cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart.
The curse of cash find, read and cite all the research you need on researchgate. If such a plan is ever fully implemented, this book will have been at least its initial, if not ultimate, blueprint. How largedenomination bills aid crime and tax evasion and constrain monetary policy rogoff, kenneth s. His 2009 book with carmen reinhart, this time is different.
From 20012003, rogoff served as chief economist at the. Kenneth rogoff is professor of economics and thomas d. Despite advances in transactions technologies, paper currency still constitutes a notable percentage of the money supply in most countries. In the curse of cash, acclaimed economist kenneth rogoff explores the past, present, and future of currency, from ancient china to today s cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the world s. On kenneth rogoffs the curse of cash chris hoofnagle. Kenneth rogoff on negative rates and the end of cash. The curse of cash with professor of public policy at harvard, kenneth rogoff. People are using less paper money, however the amount of cash in circulation is reaching record levels worldwide. Federal reservehighly engaging, thoughtprovoking, and persuasive, the curse of cash makes the case that time is running out for paper money. Nobel symposium kenneth rogoff indebtedness of governments, firms, and households. In the curse of cash, acclaimed economist kenneth rogoff explores the past, present, and future of currency, from ancient china to todays cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the worlds most difficult problems. In the curse of cash, kenneth rogoff passionately presses the case that they should be eliminated because the social ravages of paper currency far outweigh the benefits.
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