It's complicated.
Apr. 22nd, 2013 06:32 amThe concluding sentence of Gavyn Davies' overview (registration required), published in the FT on Friday, of Herndon, Ash, and Pollin's recently published critique of Reinhart and Rogoff's 2010 paper:
The moral of this story is that it is an illusion to expect that the complicated relationship between public debt and GDP growth will always and everywhere be the same.