Yikes. Rajan thinks that R&R just made a coding error and are correct about higher public debt being correlated with slower growth, with the level of debt the causal factor. I guess he didn't bother reading the "heterodox" critique. Poor India.
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The Paranoid Style in Economics
Raghuram Rajan | Professor of Finance at the University of Chicago Booth School of Business, incoming Governor of the Reserve Bank of India.
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