Who’s Afraid of the Big Bad Debt?
The ongoing debate over findings by the economists Carmen Reinhart and Kenneth Rogoff that high public debt weakens economic growth is considered important because it is supposed to have implications for the choice between austerity and fiscal stimulus. In fact, the debate's relevance is limited largely to the US.
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CAMBRIDGE – It has been a while since a debate among academic economists attracted so much interest from the mainstream press as has the row between Carmen Reinhart and Kenneth Rogoff, on one side, and Paul Krugman, on the other. In fact, it has even become fodder for television comedy shows.