Carmen Reinhart

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Carmen Reinhart 2011 at the WEF in Davos

Carmen Maria Reinhart (* 7. October 1955 in Havana as Carmen Maria Castellanos ) is an American economist . She is the Vice President and Chief Economist of the World Bank.

Life

Reinhart's family moved from Cuba to the United States in 1966, where they initially settled in Pasadena . Carmen Reinhart studied at Florida International University in Miami , did her Bachelor of Arts with summa cum laude and then went to Columbia University in New York , where she graduated with a Master of Arts in 1980 as well as a Master of Philosophy in 1981 . Under Robert Mundell , she graduated in 1988 with the dissertation “Real Exchange Rates, Commodity Prices, and Policy Interdependence” as a Ph.D.

Reinhart worked at Bear Stearns from 1982 to 1986 . In 1988 she joined the International Monetary Fund as an economist . In 1996 she moved to the University of Maryland as an Associate Professor ; There she was appointed full professor in 2000 and from 2009 headed the University's Center for International Economics as director . In 2011 she moved to the Peterson Institute for International Economics in Washington, DC , and a year later she accepted a call from Harvard Kennedy School ( Cambridge (MA) ).

Reinhart's publications address various aspects of macroeconomics and the world economy , ranging from crises in the 1970s and 1980s to the financial crisis from 2007 . She published together with Guillermo Calvo and Kenneth S. Rogoff, among others . With the latter, she wrote the 2009 bestseller This Time is Different , which won the Paul A. Samuelson Award. She is one of the most cited economists in the world and is considered the most cited economist. For 2018 she was awarded the King Juan Carlos Prize for Economics , the Adam Smith Prize and the Bernhard Harms Prize .

On June 15, 2020, Reinhart was appointed Vice President and Chief Economist of the World Bank. She was released from Harvard Kennedy School. She is an adviser to the Federal Reserve Bank of New York and the International Monetary Fund .

Reinhart's husband Vincent Reinhart is also an economist; they met in the 1970s while studying. The couple has a son.

criticism

Reinhart received criticism primarily through a seminar paper by the then student Thomas Herndon . The Excel calculations on which Reinhart and Kenneth S. Rogoff published the article "Growth in a Time of Debt" (2010) were based, according to Herndon, wrong for several reasons. Herndon, together with his professors Pollin and Ash , presented this in the Cambridge Journal of Economics article “Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff ”in detail. The article, which Paul Krugman , among others, cited in his column for the New York Times and Mark Carney , also criticized a strict budget discipline derived from the RR paper. Reinhart and Rogoff corrected the mistake, but the correlation found in the original article between high government debt and low economic growth persisted.

Fonts

  • with Kenneth Rogoff: This Time is Different: Eight Centuries of Financial Folly. Princeton University Press, 2009. (This time everything is different: Eight centuries of financial crises. FinanzBook Verlag 2010, ISBN 978-3-898-79564-7 .)

Web links

Commons : Carmen Reinhart  - Collection of images, videos and audio files

Individual evidence

  1. ↑ a b c Carmen Reinhart. In: The World Bank. Retrieved June 16, 2020 (English).
  2. ↑ NZZ.ch: The future chief economist of the World Bank sees black for the future of globalization: "This time everything is really different"
  3. ↑ brand eins 11/2015, pages 55 f. ( Online version)
  4. ↑ Patrick Welter: The dispute about Reinhart / Rogoff in graphics. In: FAZ. June 2, 2013, accessed June 16, 2020 .
personal data
SURNAME Reinhart, Carmen
ALTERNATIVE NAMES Reinhart, Carmen Maria (full name); Castellanos, Carmen Maria (maiden name)
BRIEF DESCRIPTION American economist
DATE OF BIRTH October 7, 1955
PLACE OF BIRTH Havana , Cuba