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Growth Econometrics for Agnostics and True Believers

James Rockey and Jonathan Temple

Bristol Economics Discussion Papers from School of Economics, University of Bristol, UK

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.

Keywords: Bayesian Model Averaging; Growth Regressions; Growth Econometrics. (search for similar items in EconPapers)
JEL-codes: C51 O40 O47 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2015-05-05
New Economics Papers: this item is included in nep-ecm and nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in European Economic Review, 81(1), January 2016, 86-102.

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Related works:
Journal Article: Growth econometrics for agnostics and true believers (2016) Downloads
Working Paper: Growth Econometrics for Agnostics and True Believers (2015) Downloads
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