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Catching Growth Determinants with the Adaptive LASSO

Ulrike Schneider and Martin Wagner
Additional contact information
Ulrike Schneider: Department of Statistics, University of Vienna, Vienna, Austria

No 232, Economics Series from Institute for Advanced Studies

Abstract: This paper uses the adaptive LASSO estimator to determine the variables important for economic growth. The adaptive LASSO estimator is a computationally very simple procedure that performs at the same time both consistent parameter estimation and model selection. The methodology is applied to three data sets, the data used in Sala-i-Martin et al. (2004), in Fernandez et al. (2001) and a data set for the regions in the European Union. The results for the former two data sets are very similar in many respects to those found in the published papers, yet are obtained at a tiny fraction of computational cost. Furthermore, the results for the regional data highlight the importance of human capital for economic growth.

Keywords: Adaptive LASSO; Economic convergence; Growth regressions; Model selection (search for similar items in EconPapers)
JEL-codes: C31 C52 O11 O18 O47 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ecm
Date: 2008-11
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http://www.ihs.ac.at/publications/eco/es-232.pdf First version, 2008 (application/pdf)

Related works:
Journal Article: Catching Growth Determinants with the Adaptive Lasso (2012) Downloads
Working Paper: Catching Growth Determinants with the Adaptive Lasso (2009) Downloads
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