23 April 2013
Thomas Herndon is getting a lot of attention for his critical replication paper, that attacks the data / methods of a paper by Harvard's Carmen Reinhart and Kenneth Rogoff.
Those of us (and this includes most of my readers I imagine) who find policy implications based on econometric analysis in single papers are not terribly surprised to find errors in papers such as Reinhart and Rogoff's. That said, it is rare that the mainstream is forced to listen to our critiques. That coupled with the fact that Thomas' work has significant implications for austerity programs and governments the world over, this is a major achievement!
Well done and congrats Tom!