Two prominent Harvard economists have admitted there are errors in an influential paper they wrote on government debt. This paper was widely cited in recent budget debates. But the economists insist their mistakes do not significantly change their research.
NPR's Jim Zarroli reports.
JIM ZARROLI, BYLINE: In their 2010 paper, Ken Rogoff and Carmen Rinehart argued that economic growth falls significantly when a country's debt level rises above 90 percent of its Gross Domestic Product or GDP.
All right. In recent days, the government has begun sending out checks to about 4 million people whose homes fell into foreclosure during the housing crisis. This is part of a multibillion dollar agreement with banks accused of making serious errors in processing those foreclosures.
STEVE INSKEEP, HOST:
Most of these checks are not so big. They average several hundred dollars. But still a check, an effort to make amends, so this is a bit of a problem. When some of the home owners try to cash their checks, the checks bounced.
NPR's business news begins with some sky-high prices.
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GREENE: If you travel, you might have noticed airfares are going up sharply in many markets - and the reason is mergers. This could be just the beginning. Prices may keep rising if government regulators approve another merger between American Airlines and U.S. Airways.
To talk more about this, we reached Scott McCartney. He writes an airline's column for "The Wall Street Journal."
April 18, 2013, is a big day for Superman. The Man of Steel, more powerful than a locomotive, turns 75. Most of us know Superman's story — faster than a speeding bullet, able to leap tall buildings in a single bound.
Less well-known is that the superhero is not native to the lost world of Krypton, nor the rural Kansas burg of Smallville. Superman is Cleveland's native son — at least as far as the city's residents are concerned.