1 论文标题
Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff
2 作者信息
Thomas HerndonMichael Ash Robert Pollin
3 出处和链接（比如，NBER working paper No.11000）
http://www.peri.umass.edu/236/hash/31e2ff374b6377b2ddec04deaa6388b1/publication/566/
Political Economy Research Institute, Working paper No. 322, April 15, 2013
4 摘要
Herndon, Ash and Pollin replicate Reinhart and Rogoff and find thatcoding errors, selective exclusion of available data, andunconventional weighting of summary statistics lead to serious errorsthat inaccurately represent the relationship between public debt andGDP growth among 20 advanced economies in the post-war period. Theyfind that when properly calculated, the average real GDP growth ratefor countries carrying a public-debt-to-GDP ratio of over 90 percent isactually 2.2 percent, not -0:1 percent as published in Reinhart andRogoff. That is, contrary to RR, average GDP growth at public debt/GDPratios over 90 percent is not dramatically different than when debt/GDPratios are lower.

The authors also show how the relationshipbetween public debt and GDP growth varies significantly by time periodand country. Overall, the evidence we review contradicts Reinhart andRogoff's claim to have identified an important stylized fact, thatpublic debt loads greater than 90 percent of GDP consistently reduceGDP growth.




这是一篇批评文章，原文“Growth in a Time of Debt”由Reinhart and Rogoff完成，见于NBER working paper和AER P&P。在此附上原文，方便大家讨论！