Reinhart And Rogoff Deny Critics, Claim Neutrality

Austerity Fanatics Slam Critics, Claim Neutrality
Carmen Reinhart, a professor at Harvard University, speaks at the Bloomberg Markets 50 Summit in New York, U.S., on Thursday, Sept. 13, 2012. The conference brings together the world's most influential leaders in finance, business and government to discuss the global economy. Photographer: Jin Lee/Bloomberg via Getty Images
Carmen Reinhart, a professor at Harvard University, speaks at the Bloomberg Markets 50 Summit in New York, U.S., on Thursday, Sept. 13, 2012. The conference brings together the world's most influential leaders in finance, business and government to discuss the global economy. Photographer: Jin Lee/Bloomberg via Getty Images

IN May 2010, we published an academic paper, "Growth in a Time of Debt." Its main finding, drawing on data from 44 countries over 200 years, was that in both rich and developing countries, high levels of government debt -- specifically, gross public debt equaling 90 percent or more of the nation's annual economic output -- was associated with notably lower rates of growth.

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