Contrary to popular perception, we find that in 11 of the 26 debt overhang cases, real interest rates were either lower or about the same as during the lower debt/GDP years. Those waiting for financial markets to send the warning signal through higher interest rates that government policy will be detrimental to economic performance may be waiting a long time.

— Carmen M. Reinhart, Vincent R. Reinhart, Kenneth S. Rogoff, “Debt Overhangs: Past and Present,” NBER Working Paper 18015 (2012), p. 3.

Of course, Krugman calls this paper “unfortunate and uncharacteristically sloppy.”