Growth econometrics for agnostics and true believers

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Growth econometrics for agnostics and true believers. / Rockey, James; Temple, Jonathan.

In: European Economic Review, Vol. 81, 01.01.2016, p. 86-102.

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@article{5dd8bbf3cc3948a8aa8e8bc11e0dae82,
title = "Growth econometrics for agnostics and true believers",
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 Jaroci{\'n}ski, 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.",
keywords = "Bayesian Model Averaging, Growth econometrics, Growth regressions",
author = "James Rockey and Jonathan Temple",
year = "2016",
month = jan,
day = "1",
doi = "10.1016/j.euroecorev.2015.05.010",
language = "English",
volume = "81",
pages = "86--102",
journal = "European Economic Review",
issn = "0014-2921",
publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - Growth econometrics for agnostics and true believers

AU - Rockey, James

AU - Temple, Jonathan

PY - 2016/1/1

Y1 - 2016/1/1

N2 - 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.

AB - 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.

KW - Bayesian Model Averaging

KW - Growth econometrics

KW - Growth regressions

UR - http://www.scopus.com/inward/record.url?scp=84953637845&partnerID=8YFLogxK

U2 - 10.1016/j.euroecorev.2015.05.010

DO - 10.1016/j.euroecorev.2015.05.010

M3 - Article

AN - SCOPUS:84953637845

VL - 81

SP - 86

EP - 102

JO - European Economic Review

JF - European Economic Review

SN - 0014-2921

ER -