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Growth econometrics for agnostics and true believers

Research output: Contribution to journalArticle

Original languageEnglish
Pages (from-to)86-102
Number of pages17
JournalEuropean Economic Review
Volume81
Early online date25 Jun 2015
DOIs
DateE-pub ahead of print - 25 Jun 2015
DatePublished (current) - 1 Jan 2016

Abstract

The issue of model uncertainty is central to the empirical study of economic growth. Many recent papers use Bayesian Model Averaging to address model uncertainty, but (Ciccone and Jarociński, 2010) have questioned the approach on theoretical and empirical grounds. They argue that a standard 'agnostic' approach is too sensitive to small changes in the dependent variable, such as those associated with different vintages of the Penn World Table (PWT). This paper revisits their theoretical arguments and empirical illustration, drawing on more recent vintages of the PWT, and introducing an approach that limits the degree of agnosticism.

Additional information

Date of Acceptance: 21/05/2015

    Research areas

  • Bayesian Model Averaging, Growth econometrics, Growth regressions

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