Imposing parsimony in cross-country growth regressions

Arbeitspapier

The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from the model. This paper, instead, advocates priors that impose parsimony without excluding variables. The resulting models fit the data better and are more robust to revisions of income data. The positive relationship between measures of trade openness and growth is much stronger than found in the literature.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 1234

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Single Equation Models; Single Variables: General ; Model Evaluation, Validation, and Selection ; Economic Growth and Aggregate Productivity: General ; Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
• Thema: Adaptive Ridge Regression ; Bayesian model averaging ; Economic Growth ; measurement error ; Wirtschaftswachstum ; Bayes-Statistik ; Regressionsanalyse ; Messung ; Statistischer Fehler ; Modellierung ; Welt

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Jarociński, Marek
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/153668
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ