Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (Bace) Approach
This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variab...
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2000
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables. The weights applied to individual regressions are justified on Bayesian grounds in a way similar to the well-known Schwarz criterion. Of 32 explanatory variables we find 11 to be robustly partially correlated with long-term growth and another five variables to be marginally related. Of all the variables considered, the strongest evidence is for the initial level of real GDP per capita ... |
| Beschreibung: | 1 Online-Ressource (44 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/834681262223 |
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| spelling | Doppelhofer, Gernot Verfasser aut Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach Gernot Doppelhofer, Ronald I. Miller and Xavier Sala-i-Martin Paris OECD Publishing 2000 1 Online-Ressource (44 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables. The weights applied to individual regressions are justified on Bayesian grounds in a way similar to the well-known Schwarz criterion. Of 32 explanatory variables we find 11 to be robustly partially correlated with long-term growth and another five variables to be marginally related. Of all the variables considered, the strongest evidence is for the initial level of real GDP per capita ... Economics Miller, Ronald I... ctb Sala-i-Martin, Xavier ctb https://doi.org/10.1787/834681262223 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Doppelhofer, Gernot Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach Economics |
| title | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach |
| title_auth | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach |
| title_exact_search | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach |
| title_exact_search_txtP | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach |
| title_full | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach Gernot Doppelhofer, Ronald I. Miller and Xavier Sala-i-Martin |
| title_fullStr | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach Gernot Doppelhofer, Ronald I. Miller and Xavier Sala-i-Martin |
| title_full_unstemmed | Determinants of Long-Term Growth A Bayesian Averaging of Classical Estimates (Bace) Approach Gernot Doppelhofer, Ronald I. Miller and Xavier Sala-i-Martin |
| title_short | Determinants of Long-Term Growth |
| title_sort | determinants of long term growth a bayesian averaging of classical estimates bace approach |
| title_sub | A Bayesian Averaging of Classical Estimates (Bace) Approach |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/834681262223 |
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