Reinhart and Rogoff and their paper are part of the problem and if they want to do the world a favor they should try to become part of the solution. Unfortunately, that's not the tack they take in this morning's New York Times.
A recent "Spreadsheet Scandal" has rocked the economics world. It also seems to have eliminated the last remaining technical argument in support of the president's "chained CPI" Social Security cut. Not weakened it. Eliminated it.
At 2:00 a.m. on Wednesday, Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard emailed a second, fuller response to the new paper finding several errors in their research on debt and growth rates.
Economists Carmen Reinhart of the University of Maryland and Ken Rogoff of Harvard have responded to a new paper that attacks research of theirs that is often cited by pro-austerity advocates, claiming that high debt is associated with slow growth.