HKS Affiliated Authors

Additional Authors:

  • Kenneth Rogoff


Growth in a Time of Debt. Carmen M. Reinhart, Kenneth Rogoff, May 2010, Paper. "In this paper, we exploit a new multi-country historical dataset on public (government) debt to search for a systemic relationship between high public debt levels, growth and inflation. Our main result is that whereas the link between growth and debt seems relatively weak at “normal” debt levels, median growth rates for countries with public debt over roughly 90 percent of GD? are about one percent lower than other wise: average (mean) growth rates are several percent lower. Surprisingly, the relationship between public debt and..." Link