Tobias Straumann Recommends “This Time Is Different: Eight Centuries of Financial Folly” by Carmen M. Reinhart and Kenneth S. Rogoff

The global financial crisis of 2008–2009 not only shook financial markets, world trade, and governments but also the economics profession. It would be wrong to speak of a revolution, but a series of contributions by economists and economic historians have made it clear that we need to develop a deeper understanding of financial markets, debt dynamics, and macro-financial linkages in order to contain future financial crises.