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Sounds like Rogoff hasn't changed from his glory days: The original feud was most famously between Stiglitz and Rogoff. Stiglitz, who led the movement at the World Bank to throw off its support for austerity, memorably claimed that IMF was staffed with “third rate” economists. https://www.nakedcapitalism.com/2013/10/ken-rogoff-loses-it-calls-criticism-of-errors-in-debt-paper-a-witch-hunt.html Also: Carmen Reinhart and Kenneth Rogoff published a 2010 paper, Growth in the Time of Debt, which based on data from 44 countries that growth levels went negative once government debt to GDP ratios rose over 90%. This article was taken up eagerly by the pro-austerity crowd as definitive proof of the dangers of too much borrowing. Yet a number of economists tried replicating the Reinhart-Rogoff
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Sounds like Rogoff hasn't changed from his glory days:Sounds like Rogoff hasn't changed from his glory days: The original feud was most famously between Stiglitz and Rogoff. Stiglitz, who led the movement at the World Bank to throw off its support for austerity, memorably claimed that IMF was staffed with “third rate” economists. https://www.nakedcapitalism.com/2013/10/ken-rogoff-loses-it-calls-criticism-of-errors-in-debt-paper-a-witch-hunt.html Also: Carmen Reinhart and Kenneth Rogoff published a 2010 paper, Growth in the Time of Debt, which based on data from 44 countries that growth levels went negative once government debt to GDP ratios rose over 90%. This article was taken up eagerly by the pro-austerity crowd as definitive proof of the dangers of too much borrowing. Yet a number of economists tried replicating the Reinhart-Rogoff
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The original feud was most famously between Stiglitz and Rogoff. Stiglitz, who led the movement at the World Bank to throw off its support for austerity, memorably claimed that IMF was staffed with “third rate” economists. https://www.nakedcapitalism.com/2013/10/ken-rogoff-loses-it-calls-criticism-of-errors-in-debt-paper-a-witch-hunt.htmlAlso:
Carmen Reinhart and Kenneth Rogoff published a 2010 paper, Growth in the Time of Debt, which based on data from 44 countries that growth levels went negative once government debt to GDP ratios rose over 90%. This article was taken up eagerly by the pro-austerity crowd as definitive proof of the dangers of too much borrowing.
Yet a number of economists tried replicating the Reinhart-Rogoff results for years, with no success. Reinhart and Rogoff refused to share their underlying computations. Five years later, now that the Reinhart/Rogoff work is widely accepted as true, they finally sent their “working spreadsheet” to a graduate student at the UMass Amherst, Thomas Herndon. He found data omissions, Excel errors, and questionable data weightings.Even without the Excel errors and data fudging, the book was absurd as documented first by MMT economists and later by most others. Even Paul Krugman, who had been striving hard to give Reinhart and Rogoff the benefit of the doubt, called it “really, really bad“.
https://www.nakedcapitalism.com/2013/10/ken-rogoff-loses-it-calls-criticism-of-errors-in-debt-paper-a-witch-hunt.html