US economist Prof. Carmen Reinhart, Ph.D., was awarded on October 24 with the Bernhard Harms Prize 2018 from the Kiel Institute for the World Economy. She is Professor of the International Financial System at Harvard University and gained international recognition for her empirical studies on the causes and consequences of financial crises. She is one of the most cited economists worldwide.
The president of the Kiel Institute, Prof. Dennis J. Snower, Ph.D., gave the laudatory speech and presented the prize. He emphasized, that thanks to Carmen Reinhart we have a better understanding of the nature of financial crises because she found vast similarities over centuries in the reasons and consequences of economic crises, contradicting the often heard belief of politicians that this time is different.
According to the jury, Carmen Reinhart has shaped the research agenda as well as public debate on the topics of sovereign debt, international capital and commodity markets, and debt crises for decades. She has contributed significantly to the empirical shift in economics. As early as the 1980s, when macroeconomic research was still almost exclusively theoretical and math-oriented, Reinhart focused on evidence-based research relevant to economic policy.
The research lecture given by Carmen Reinhart on this occasion was live-streamed and is available on our Facebook channel.