A paper that I have referred to myself turns out to be highly flawed: But, the real shocker for me is this: http://www.nextnewdeal.net/rortybomb/researchers-finally-replicated-reinhart-rogoff-and-there-are-serious-problems I've seen this sort of thing before, and, I admit I am rather dismayed to see such shoddy work. Spreadsheet errors are so easy to make that it is rather disturbing to see something like this make it this far. I wonder how many people have lost their jobs because of this sloppiness? This paper was often cited during arguments that "austerity" was required. I think huge government debt is generally a bad policy, but, at the same time, as I have commented before, the time to reduce debt is during inflationary overheated growth, not during a deflationary recession.