Tuesday, April 23, 2013   Several people have asked me to
comment on the coding error found in one of the Reinhart-Rogoff
papers. I have avoided the topic, since I don't think I have a
lot to add to the discussion.  But because so many people have
asked, here are a few observations:  1. Everybody makes
mistakes. I once made an analytic error in one of my published
papers and, after it was pointed out to me, subsequently wrote a
correction (published version).  Finding and correcting errors
is a part of the research process.  Sure, errors are
embarrassing, but there is nothing dishonorable about making
them.  2.  Policy should not be based on the results of a single
study.  And my experience is that it never is.  3. I believe
that high levels of debt and deficits are a negative for the
economy in the long run.  My views on this issue have not
changed substantially since I wrote about it with Larry Ball
almost twenty years ago.  4. I never thought there was a magic
threshold for the debt-to-GDP ratio above whic