This Time Is Different: Eight Centuries of Financial Folly
Book Forum

The four most dangerous words in finance are "this time is different." Market participants always manage to believe that some new innovation, such as decoupling or credit default swaps, has made the next crisis impossible. In their new book just released in September, This Time Is Different: Eight Centuries of Financial Folly (Princeton University Press, 2009), Carmen M. Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University probe an array of crises to show why these beliefs eventually prove to be false. In short, it is never truly different.

At this AEI event, Ms. Reinhart and Mr. Rogoff will discuss their book, and Stijn Claessens of the International Monetary Fund, Alex J. Pollock of AEI, and Allan H. Meltzer of AEI and Carnegie Mellon University will discuss the authors' findings.

About the Author

 

Allan H.
Meltzer
  • Allan H. Meltzer is the Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University. He is the author of History of the Federal Reserve, Volume I: 1913-1951 (University of Chicago Press, 2002), a definitive research work on the Federal Reserve System. He has been a member of the President's Economic Policy Advisory Board, an acting member of the President's Council of Economic Advisers, and a consultant to the U.S. Treasury Department and the Board of Governors of the Federal Reserve System. In 1999 and 2000, he served as the chairman of the International Financial Institution Advisory Commission, which was appointed by Congress to review the role of the International Monetary Fund, the World Bank, and other institutions. The author of several books and numerous papers on economic theory and policy, Mr. Meltzer is also a founder of the Shadow Open Market Committee.
  • Phone: 4122682282
    Email: ameltzer@aei.org

 

Alex J.
Pollock
  • Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is a director of the CME Group, the Great Lakes Higher Education Corporation, the International Union for Housing Finance, and the chairman of the board of the Great Books Foundation.

    CLICK HERE TO DOWNLOAD ALEX POLLOCK'S ONE-PAGE MORTGAGE FORM
  • Phone: 2028627190
    Email: apollock@aei.org

 

Vincent R.
Reinhart
  • Vincent Reinhart, a former director of the Federal Reserve Board's Division of Monetary Affairs, joined AEI in 2008 after working on domestic and international aspects of U.S. monetary policy at the Fed for more than two decades. He held a number of senior positions in the Divisions of Monetary Affairs and International Finance and served for the last six years of his Federal Reserve career as secretary and economist of the Federal Open Market Committee. Mr. Reinhart worked on topics as varied as economic bubbles and the conduct of monetary policy, auctions of U.S. Treasury securities, alternative strategies for monetary policy, and the efficient communication of monetary policy decisions. At AEI, he has continued his work on all of the above in addition to research on key economic variables before and after adverse global and country-specific shocks, policy mistakes leading to the 2007-09 financial meltdown, and the implementation and impact of quantitative easing.
  • Email: vincent.reinhart@aei.org
  • Assistant Info

    Name: Rohan Poojara
    Phone: 202-862-5852
    Email: rohan.poojara@aei.org
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