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...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2000
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.266 |
| Schlagworte: | |
| Online-Zugang: | 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 p.) 21 x 29.7cm. |
| DOI: | 10.1787/834681262223 |
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| spelling | Doppelhofer, Gernot VerfasserIn 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 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.266 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... MitwirkendeR ctb Sala-i-Martin, Xavier MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/834681262223 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_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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