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Simple errors in Reinhart and Rogoff's arithmetic "It turns out that the initial results were driven by simple computational and transcription errors. The most important of these errors was excluding four years of growth data from New Zealand in which it was above the 90% debt-to-GDP threshold. When these four years are added in, the average growth rate in New Zealand for its high debt years was 2.6%, compared to the -7.6% that R&R had entered in their calculation."

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