Rajan, Krugman renew spat


Raghuram Rajan, a former IMF chief economist, on Sunday hit back at a second round of criticism from Paul Krugman, a Nobel Prizewinner in economics.

In an article for the New York Review of Books' 30 September edition, which covered Rajan's book, Fault Lines, Krugman attacked the former IMF chief economist's view that a low federal funds rate between 2003 and 2005 contributed to the asset-price bubble that eventually sparked the crisis.

Citing high unemployment and low inflation at the time, Kru

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