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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| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Paris
OECD Publishing
2000
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagwörter: | |
| Links: | https://doi.org/10.1787/834681262223 |
| 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 ... |
| Umfang: | 1 Online-Ressource (44 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/834681262223 |
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| illustrated | Not Illustrated |
| indexdate | 2025-01-11T15:46:01Z |
| institution | BVB |
| language | English |
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| 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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