This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-22466551
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Reinhart and Rogoff correct austerity research error | Reinhart and Rogoff correct austerity research error |
(about 11 hours later) | |
Two Harvard economists whose widely-cited research on austerity was called into question last month have published a formal correction. | Two Harvard economists whose widely-cited research on austerity was called into question last month have published a formal correction. |
Carmen Reinhart and Kenneth Rogoff acknowledged errors in the figures in their 2010 paper on government debt and economic growth. | Carmen Reinhart and Kenneth Rogoff acknowledged errors in the figures in their 2010 paper on government debt and economic growth. |
They did not actually state a causal link between high levels of debt and falling rates of economic growth. | |
However, others have used the research to support of austerity policies. | |
Flaws in the methodology in the paper first came to light when a masters student in the US found himself unable to replicate the findings of the study, called Growth in a Time of Debt. | Flaws in the methodology in the paper first came to light when a masters student in the US found himself unable to replicate the findings of the study, called Growth in a Time of Debt. |
A review by the student and his supervisors at the University of Massachusetts later found missing data, and questioned the way the academics calculated averages. | A review by the student and his supervisors at the University of Massachusetts later found missing data, and questioned the way the academics calculated averages. |
That called into question the conclusion that government debts equivalent to more than 90% of GDP negatively affect growth. | That called into question the conclusion that government debts equivalent to more than 90% of GDP negatively affect growth. |
However, Professor Reinhart and Professor Rogoff maintained that at no point in their original research did they state that one causes the other, only that they are "associated". | |
This story was changed on 9 May 2013 to better reflect Professors Reinhart and Rogoff's views on association rather than causality in their work. |