Fischer Defends Reinhart, Rogoff Against Attacks

Bank of Israel Governor Stanley Fischer defended Harvard University economists Carmen Reinhart and Kenneth Rogoff against criticism from fellow academics.

A 2010 paper by Reinhart and Rogoff used to justify austerity in the U.S. and Europe is at the center of a storm in economics and policy making after flaws were revealed. While acknowledging mistakes, Reinhart and Rogoff say their basic findings hold and last week accused Nobel laureate Paul Krugman of “spectacularly uncivil behavior” in his critique.