...nt bank, Bear Stearns, in the 1980s, where she became interested in financial crises, international contagion and commodity price cycles.  Subsequently, she spent several years at the International Monetary Fund.  She is a Research Associate at the National Bureau of Economic Research, a Research Fellow at the Centre for Economic Policy Research and a member of the Council on Foreign Relations.  

Reinhart has served on numerous editorial boards, panels, and has testified before congress.  She has written and published on a variety of topics in macroeconomics and international finance and trade including: international capital flows, exchange rates, inflation and commodity prices, banking and sovereign debt crises, currency crashes, and contagion.  Her papers have been published in leading scholarly journals.  

Her work has helped to inform the understanding of financial crises for over a decade.  In the early 1990s, she wrote about the fickleness of capital flows to emerging markets and the likelihood of abrupt reversals--before the Mexican crisis of 1994-1995.  Prior to the Asian crisis (1997-1998), she documented the international historical links between asset price bubbles and banking crises, and how the latter could lead to currency crashes creating a "twin crisis." She identified the possibility of severe economic dislocations from the sub-prime crisis in 2007.  Her work is frequently featured in the financial press around the world.

Her book (with Kenneth S. Rogoff) entitled This Time is Different: Eight Centuries of Financial Folly (Princeton Press 2009) documents the striking similarities of the recurring booms and busts that have characterized financial history. It has been translated into 13 languages.

Publications

This Time Is Different: Eight Centuries of Financial Folly, Carmen M. Reinhart & Kenneth S. Rogoff (Princeton Press 2009)

Book Reviews and endorsements

“The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.” Martin Wolf Financial Times, September 28, 2009

"This is quite simply the best empirical investigation of financial crises ever published. Covering hundreds of years and bringing together a dizzying array of data, Reinhart and Rogoff have made a truly heroic contribution to financial history. This single marvelous volume is worth a thousand mathematical models." Niall Ferguson, author of The Ascent of Money: A Financial History of the World

"This Time is Different is terrific, for it gives just the perspective we need on the current world economic crisis. People can't expect to understand the current crisis without some in-depth look at past crises. That is exactly what this excellent and timely book provides." Robert J. Shiller, author of Irrational Exuberance and coauthor of Animal Spirits

“The research that went into this book has established Reinhart and Rogoff as leading authorities on crises, routinely cited by policymakers, academics and journalists (including me). Everyone working on economic policy should own "This Time is Different" and open it for a bracing blast of sobriety when things seem to be going well.” Greg Ip, Washington Post, October 25, 2009

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