Yes but the inimitable Princeton Nobel Laureate didn't make the same mistakes. Another win for Krugman's version of the story.
REH -----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of michael gurstein Sent: Wednesday, April 17, 2013 6:27 PM To: Futurework Subject: [Futurework] FW: [Dewayne-Net] REINHART AND ROGOFF: 'Full Stop, ' We Made A Microsoft Excel Blunder In Our Debt Study, And It Makes A Difference Ah yes, the "science" of Economics... and the extremely deleterious policy (and ultimately human) impact that has accompanied their hubris... Comments... M -----Original Message----- From: [email protected] [mailto:[email protected]] On Behalf Of Dewayne Hendricks Sent: Wednesday, April 17, 2013 1:06 PM To: Multiple recipients of Dewayne-Net Subject: [Dewayne-Net] REINHART AND ROGOFF: 'Full Stop,' We Made A Microsoft Excel Blunder In Our Debt Study, And It Makes A Difference [Note: This item comes from reader Geoff Goodfellow. DLH] From: the keyboard of geoff goodfellow <[email protected]> Subject: REINHART AND ROGOFF: 'Full Stop,' We Made A Microsoft Excel Blunder In Our Debt Study, And It Makes A Difference Date: April 17, 2013 12:00:20 PM PDT To: Dave Farber <[email protected]>, Dewayne Hendricks <[email protected]>, [email protected] REINHART AND ROGOFF: 'Full Stop,' We Made A Microsoft Excel Blunder In Our Debt Study, And It Makes A Difference By Joe Weisenthal Apr. 17, 2013, 7:42 AM <http://www.businessinsider.com/reinhart-and-rogoff-admit-excel-blunder-2013 -4> The big talk in the world of economics continues to be the famous study by Carmen Reinhart and Ken Rogoff, which claimed that as countries see debt/GDP going above 90%, growth slows dramatically. Economists have always been skeptical of the correlation/causality on this. But yesterday, a new study emerged which claimed that Reinhart and Rogoff used a faulty dataset to make that claim and (most stunningly) had an excel error that exacerbated the growth dropoff for countries with debt/GDP higher than 90%. After the report dropped (and proceeded to blow up the internet), Reinhart and Rogoff rushed out a quick statement claiming that the new study (which was done by some UMass professors) supported their thesis that growth slowed as debt to GDP got higher. And Reinhart and Rogoff were quick to reiterate that even they weren't necessarily implying causation on this (which may be true, but the fact that they say this is not well known to the politicians who are always citing the dreaded 90% level). But in a new response, Reinhart and Rogoff admit they did make an Excel blunder, and that it mattered! Here's the key part: [snip] Dewayne-Net RSS Feed: <http://www.warpspeed.com/wordpress> _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework _______________________________________________ Futurework mailing list [email protected] https://lists.uwaterloo.ca/mailman/listinfo/futurework
