MODEL PRIORS REVISITED: INTERACTION TERMS IN BMA GROWTH APPLICATIONS

Mathias Moser and Paul Hofmarcher ()

Journal of Applied Econometrics, 2014, vol. 29, issue 2, 344-347

Abstract: SUMMARY This paper provides a sensitivity analysis on the prior choice for interaction terms for the results of Masanjala and Papageorgiou (Rough and lonely road to prosperity. Journal of Applied Econometrics 2008; 23 : 671–682), which has been criticized for its implementation of interaction terms by Crespo Cuaresma (How different is Africa? Journal of Applied Econometrics 2011; 26 : 1041–1047). We find that the discussed priors have similar predictive power and we also evaluate alternative prior solutions that account for the special nature of interaction terms. Copyright © 2013 John Wiley & Sons, Ltd.

Date: 2014
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Working Paper: Dilution priors for groups of variables in BMA: An application to the recent financial crisis (2012)
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