The discovery of a spreadsheet error in an influential study by Harvard University economists Carmen Reinhart and Kenneth Rogoff inevitably raises a troubling question: To what extent can we trust what any researcher claims to be true?
The unfortunate reality is that mistakes much more serious than the one committed by Reinhart and Rogoff are far too common. Superfast computers and fancy statistical models can’t save us from human frailty. …
So how can non-experts and policy makers separate the useful research from the dross? Allow us to offer six rules. [cont.]
Betsey Stevenson (U of Mich.) & Justin Wolfers (U of Mich.), Bloomberg