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When wonks burn politicians

The economics blogosphere is buzzing about the errors that were recently exposed in an influential paper by Carmen Reinhart, Vincent Reinhart, and Kenneth Rogoff, which claimed that countries with high levels of debt tend to have slower economic growth. See Mike Konczal for the summary or here for the full paper by Thomas Herndon, Michael Ash, and Robert Pollin.

In short, the original Reinhart-Rogoff paper had three significant problems, ranging from cherry-picking data, to dubious weighting schemes, to —most embarrassing of all — an Excel spreadsheet error that accidentally left out several crucial data points.

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