Growth in a Time of Debt

A paper that argues strong burden of governmental debt on GDP growth. During the Great recession, this paper has been used to justify austerity measures across countries. It was found to have multiple errors (some originating from the usage of Microsoft Excel) by the paper by Herndon et al.1

  1. Herndon2014debt, Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff