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.
Chief U.S. Economist, Morgan Stanley, 2011-Present
Resident Scholar, American Enterprise Institute, 2008-2011
Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, 2001-2007
Secretary and Economist, 2001-2007; Deputy Director, Division of International Finance, and Associate Economist, 1999-2001, Federal Open Market Committee, Federal Reserve
Deputy Associate Director, 1998-99; Assistant Director, 1994-98, Division of Monetary Affairs, Federal Reserve
Chief, 1991-94; Senior Economist, 1990-91; Economist, 1988-90, Banking and Money Market Analysis Section, Division of Monetary Affairs, Federal Reserve
Senior Economist, International Research Department, 1987-88; Economist, Domestic Research Department, 1985-87; Economist, International Research Department, 1983-85, Federal Reserve Bank of New York
In a new book titled “No Way Out: Persistent Government Interventions in the Great Contraction” (AEI Press, February 2013), editor Vincent R. Reinhart, managing director and chief US economist at Morgan Stanley and a former resident scholar at the American Enterprise Institute (AEI), brings together an array of professional and academic authors to generate a narrative of the financial crisis.
In No Way Out: Persistent Government Interventions in the Great Contraction, editor Vincent R. Reinhart brings together an array of professional and academic authors to generate a narrative of the 2007–08 financial crisis, its causes, and likely recurrences.
The United States may not have laid the foundation for sustained expansion, with real per-capita output still 2.2 percent below its 2006 level. The chance that the economy slips into another recession within a year is about four in ten.
As has been generally understood and underscored by Standard & Poor's downgrade of the U.S.'s AAA credit rating, elected officials were willing to push the federal government to the brink of default. This was startling proof of deep dysfunction in the political process.
Legislation to raise the debt ceiling will give the government headroom to operate until 2013. But a temporary ceasefire in this fiscal war will not address the country's longer-run problems. The rating agencies are therefore justified in reconsidering America's triple-A credit rating.
Timothy Geithner will go to great lengths to avoid missing a payment of interest or principal on the debt. But, to honor that constitutional precedent, he may have to break (or, more charitably, to interpret generously) some laws.
En los últimos diez años, las autoridades de política en distintos países emergentes han optado por limitar las fluctuaciones del valor de sus monedas respecto al dólar americano. En este documento se utiliza una relación de paridad de tasas de interés para identificar las fuentes potenciales de presiones alcistas en el valor del tipo de cambio y para explicar las opciones de política orientadas a contener dichas presiones.