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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ECB Working Paper No. 1234
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from the model. This paper, instead, advocates priors that impose parsimony without excluding variables. The resulting models fit the data better and are more robust to revisions of income data. The positive relationship between measures of trade openness and growth is much stronger than found in the literature.
Schlagwörter: 
Adaptive Ridge Regression
Bayesian model averaging
Economic Growth
measurement error
JEL: 
C20
C52
O40
O47
Dokumentart: 
Working Paper

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