Monday, April 22, 2013

The Strongest Evidence Yet That The Austerity Movement Has Suffered A Huge Blow

The fallout from Reinhart and Rogoff's Excel error appears to have officially jumped from the digital to the real (h/t Jim Pethokoukis).   Stanford economist John Taylor reports that the G20 appears to be abandoning specific fiscal and monetary goals:

A participant in last Friday’s G20 meetings told me that the error was a factor in the decision to omit specific deficit or debt-to-GDP targets in the G20 communique.  The error refers to Reinhart and Rogoff's leaving out data that would have shown high debt-to-GDP levels actually don't produce that great an impact on growth.

Wait, wait….there’s more at :

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