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Growth in a Time of Debt

NBER WORKING PAPER SERIES. Growth IN A time OF DEBT. Carmen M. Reinhart Kenneth S. Rogoff Working Paper 15639. NATIONAL BUREAU OF ECONOMIC RESEARCH. 1050 Massachusetts Avenue Cambridge, MA 02138. January 2010. This paper was prepared for the American Economic Review Papers and Proceedings. The authors would like to thank Olivier Jeanne and Vincent R. Reinhart for helpful comments and the National Science Foundation Grant No. 0849224 for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. 2010 by Carmen M. Reinhart and Kenneth S. Rogoff. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including notice, is given to the source.

Growth in a Time of Debt Carmen M. Reinhart and Kenneth S. Rogoff NBER Working Paper No. 15639 January 2010, Revised January 2010 JEL No. E2,E3,E6,F3,F4,N10

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