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The Impact of Data Revisions on the Robustness of Growth Determinants - A Note on 'Determinants of Economic Growth. Will Data Tell?'

Martin Feldkircher () and Stefan Zeugner ()

No 2010-12, Working Papers in Economics from University of Salzburg

Abstract: Ciccone and Jarocinski (2010) show that inference in Bayesian model averaging (BMA) can be highly sensitive to small changes in the dependent variable. In particular they demonstrate that the importance of growth determinants in explaining growth varies tremendously over different revisions of Penn World Table (PWT) income data. They conclude that ’agnostic’ priors appear too sensible for this strand of growth empirics. In response, we show that the instability found owes much to a specific BMA set-up: the variation in results can be considerably reduced by applying an evenly ’agnostic’, but flexible prior.

Keywords: Bayesian model averaging; Growth determinants; Zellner’s g prior; Model uncertainty (search for similar items in EconPapers)
JEL-codes: C11 C15 E01 O47 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ecm and nep-fdg
Date: 2010-08-20
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Journal Article: The impact of data revisions on the robustness of growth determinants—a note on ‘determinants of economic growth: Will data tell?’ (2012) Downloads
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