A simple Excel spreadsheet error punches a hole in a highly cited economic paper by Carmen Reinhart and Kenneth Rogoff that has been used to bolster policies favoring restraint in government spending.
During his keynote presentation at the Morningstar Investment Conference, the PIMCO manager made the case that high debt levels and a need for financial stability mean that central banks should keep real rates close to zero for some time.
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A simple Excel spreadsheet error deals a potentially fatal blow to a highly cited economic paper by Carmen Reinhart and Kenneth Rogoff that has been used to bolster policies favoring a restraint in government spending.