Growth Econometrics for Agnostics and True Believers

Jonathan Temple and James Rockey

No 10590, CEPR Discussion Papers from Centre for Economic Policy Research

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 Jarocinski (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 econometrics; Growth regressions (search for similar items in EconPapers)
JEL-codes: C51 O40 O47 (search for similar items in EconPapers)
Date: 2015-05
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Citations: View citations in EconPapers (2)

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