Are Reinhart and Rogoff’s coding errors a mistake too far?
The accuracy of Carmen Reinhart and Kenneth Rogoff’s “Growth in a Time of Debt” research paper has been called into question, as the austerity policies backed by their findings become a hotly debated topic.
When news broke that two Harvard economists made crucial Excel errors in their influential research paper, one could be forgiven for asking, “Seriously?” Sadly, the answer is yes.
A new study by Thomas Herndon, Michael Ash and Robert Pollin at University of Massachusetts, Amherst, accused Carmen Reinhart and Kenneth Rogoff, co-authors of “This Time is Different: Eight Centuries of Financial Folly”, of spreadsheet coding errors, selective exclusion of available data and unconventional weighting of summary statistics in their paper “Growth in a Time of Debt” published in May 2010. There…
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Categories: Capital & Strategic Issues
, Risk and Regulation
Keywords: Carmen Reinhart
, Kenneth Rogoff
, Thomas Herndon
, Michael Ash
, Robert Pollin