Alpha Exchange

On this episode of the Alpha Exchange, I had the pleasure of reconnecting with Ken Rogoff, Professor of Economics at Harvard and former Chief Economist at the IMF. In our conversation, we explore themes from his latest book, Our Dollar, Your Problem, a valuable retrospective, and analysis of the rise of the U.S. dollar as the world’s reserve currency and the vulnerabilities that accompany it. In our discussion, Ken reflects on the privileges America enjoys from dollar dominance, namely lower borrowing costs, financial system centrality, and sanction power—while warning that such advantages are not guaranteed forever.We also explore the lessons from past debt and currency crises and the fragility of fixed exchange rate regimes. Here Ken shares firsthand experience as a policymaker who was among those whose advice was sought for how to address many of the prominent FX vol episodes of the 1990’s.We turn to the main point of his book – that there are risks that come with assuming low interest rates will persist i