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Determinants of Long-Term Growth : A Bayesian Averaging of Classical Estimates (Bace) Approach / Gernot Doppelhofer, Ronald I. Miller and Xavier Sala-i-Martin
- Format:
- Book
- Government document
- Author/Creator:
- Doppelhofer, Gernot.
- Series:
- OECD Economics Department Working Papers, 18151973 ; no.266.
- OECD Economics Department Working Papers, 18151973 ; no.266
- Language:
- English
- Subjects (All):
- Economics.
- Local Subjects:
- Economics.
- Physical Description:
- 1 online resource (44 p. )
- Place of Publication:
- Paris : OECD Publishing, 2000.
- Summary:
- 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 ...
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