Statements 2011

Josef Ackermann (Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG)

“Professor Rogoff has made many seminal contributions to economics, ranging from the analysis of exchange rates and monetary policy to sovereign default and debt restructuring. He has admirably combined theoretical, empirical, and historical analysis in his research. His recent work on the history of banking crises (together with Carmen Reinhart) has become essential reading for every academic and practitioner in the financial sector. I am therefore very pleased that he has been awarded this year’s Deutsche Bank Prize for Financial Economics.”


Charles Yuji Horioka (Professor of Economics at Institute of Social Economic Research, Osaka University)

“Professor Kenneth Rogoff is deeply deserving of the 2011 Deutsche Bank Prize in Financial Economics for at least three reasons:  First, he has done truly seminal work on an impressive array of topics in international finance and international macroeconomics, ranging from exchange rate forecasting (joint with Richard Meese), political budget cycles, monetary policy and central bank design, global imbalances, sovereign debt (joint with Jeremy Bulow), New Open Economy Macroeconomics (joint with Maurice Obstfeld), and the history of financial crises (joint with Carmen M. Reinhart).  Second, he has skillfully combined theoretical, empirical, and historical approaches in his work.  Third, his work has important practical and policy implications, he has been an active participant in policy debates, and he has helped shaped policy, especially during his tenure as chief economist of the International Monetary Fund (IMF).”


Otmar Issing (President of the Center for Financial Studies; Chairman of the Advisory Board of the House of Finance, Goethe University Frankfurt; Chairman of the group of experts advising the German Government on reforms in financial architecture; International Advisor to Goldman Sachs International and member of the Advisory Board of Globalisation and Monetary Policy Institute at Federal Reserve Bank of Dallas)

"In light of the breadth and depth of his work and its influence on the academic and political debate, Prof. Rogoff is a worthy winner of the Deutsche Bank Prize. He captivates his readers with the rigorous theoretical analysis and empirical foundation of his publications. His latest work, "This Time is Different" (with C.Reinhart) demonstrates how economists can make an intelligible contribution to our understanding of the world."


Thomas Mayer (Chief Economist of Deutsche Bank Group and Head of Deutsche Bank Research)

“Professor Rogoff has not only made key contributions to economics, but his work has also guided practitioners in central banks and the financial sector. His book on the history of financial crises, written jointly with Carmen Reinhart, has become essential reading for every financial market and bank economist.”


Carmen M. Reinhart (Dennis Weatherstone Senior Fellow, Peterson Institute for International Economics)

"I am delighted that Ken Rogoff has been awarded this year's DB Prize for Financial Economics. He is a leader in the field of international finance and his many works span both theory and empirics.  His insights have influenced in the past two decades academic and policy circles alike.
His contributions encompass a broad range of timeless topics: exchange rate determination and policy, sovereign debt restructuring, debt buybacks, and default, political economy cycles,  monetary policy making and inflation objectives, the role on international institutions (like the IMF and the World Bank), microeconomic foundations of modern open-economy models (including his classic textbook with Maurice Obstfeld), and more recently, financial crises."


Robert J. Shiller  (Award winner of the Deutsche Bank Prize in Financial Economics 2009 ; Sterling Professor of Economics, Department of Economics and Cowles Foundation for Research in Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management; Joint recipient of the 2013 Nobel Prize in Economic Science with Eugene F. Fama and Lars Peter Hansen)

"Kenneth Rogoff has revolutionized modern international finance. His penetrating research has changed the way we think about all the interlinkages of the world’s economies and the problems faced by policy makers in a global economy. Writing with a perspicacious and graceful manner that makes complex ideas seem simple, his pathbreaking research has an enormous audience. Rogoff is a guiding force for our age."