Economist's View: 'How Much Unemployment Was Caused by Reinhart and Rogoff's Arithmetic Mistake?'

The work of Reinhart and Rogoff was a major reason for the push for austerity at a time when expansionary policy was called for, i.e. their work supported the bad idea that austerity during a recession can actually be stimulative. It isn't as the events in Europe have shown conclusively. To be fair, as I discussed here (in "Austerity Can Wait for Sunnier Days") after watching Reinhart give a talk

[okemos]

ラインハートとロゴフの債務90％越えで経済成長低下という研究、実はニュージーランドのデータを4年分ミスってた事が大きくて、ちゃんとやり直すと成長率低下の大半が消えるそうだ。これはビックリした。