Jointness of Growth Determinants

Gernot Doppelhofer () and Melvyn Weeks ()

No 1978, CESifo Working Paper Series from CESifo

Abstract: This paper introduces a new measure of dependence or jointness among explanatory variables. Jointness is based on the joint posterior distribution of variables over the model space, thereby taking model uncertainty into account. By looking beyond marginal measures of variable importance, jointness reveals generally unknown forms of dependence. Positive jointness implies that regressors are complements, representing distinct, but mutually reinforcing effects. Negative jointness implies that explanatory variables are substitutes and capture similar underlying effects. In a cross-country dataset we show that jointness among 67 determinants of growth is important, affecting inference and informing economic policy.

Keywords: model uncertainty; dependence among regressors; jointness; determinants of economic growth (search for similar items in EconPapers)
JEL-codes: C11 C52 O20 O50 (search for similar items in EconPapers)
Date: 2007
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Working Paper: Jointness of Growth Determinants (2005)
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