Ken Rogoff - The Field of Economic History

The video discusses the significance of economic history in understanding financial crises, highlighting the work of scholars like Carmen Reinhart. It addresses the challenges faced by economic history in academia due to the dominance of theoretical macroeconomics. The speaker emphasizes the importance of historical perspectives in calibrating models for rare economic events, which are often nonlinear and difficult to analyze with standard methodologies.

How does the text describe the influence of theoretical macroeconomics on the field of economic history?

In what ways does history provide a perspective on calibrating unusual financial events?