American Consequences

Kenneth Rogoff

January 2020

Government Debt Is Not a Free Lunch

By Kenneth Rogoff With interest rates on government debt at multidecade lows, a number of leading economists have argued that almost every advanced economy can allow debt to drift up toward Japanese levels (over 150% of GDP even by the most...

April 2019

Modern Monetary Nonsense

By Kenneth Rogoff A number of leading progressive U.S. politicians advocate using the Federal Reserve’s balance sheet to fund expansive new government programs. Although their arguments have a grain of truth, they also rest on some fundamental...