Are Reinhart and Rogoff Right Anyway?

The Baseline Scenario

By James Kwak

One more thought: In their response, Reinhart and Rogoff make much of the fact that Herndon et al. end up with apparently similar results, at least to theĀ medians reported in the original paper:

Screen shot 2013-04-18 at 4.20.55 PM

So the relationship between debt and GDP growth seems to be somewhat downward-sloping. But look at this, from Herndon et al.:

Screen shot 2013-04-18 at 4.18.02 PM

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