Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/25952
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dc.contributor.authorEicher, Theo S.en_US
dc.contributor.authorPapageorgiou, Chrisen_US
dc.contributor.authorRoehn, Oliveren_US
dc.date.accessioned2007-07-23en_US
dc.date.accessioned2009-07-28T08:14:07Z-
dc.date.available2009-07-28T08:14:07Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/25952-
dc.description.abstractWe investigate country heterogeneity in cross-country growth regressions. In contrast to the previous literature that focuses on low-income countries, this study also highlights growth determinants in high-income (OECD) countries. We introduce Iterative Bayesian Model Averaging (IBMA) to address not only potential parameter heterogeneity, but also the model uncertainty inherent in growth regressions. IBMA is essential to our estimation because the simultaneous consideration of model uncertainty and parameter heterogeneity in standard growth regressions increases the number of candidate regressors beyond the processing capacity of ordinary BMA algorithms. Our analysis generates three results that strongly support different dimensions of parameter heterogeneity. First, while a large number of regressors can be identified as growth determinants in Non-OECD countries, the same regressors are irrelevant for OECD countries. Second, Non-OECD countries and the global sample feature only a handful of common growth determinants. Third, and most devastatingly, the long list of variables included in popular cross-country datasets does not contain regressors that begin to satisfactorily characterize the basic growth determinants in OECD countries.en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo working paper|x1907en_US
dc.subject.jelO40en_US
dc.subject.jelO47en_US
dc.subject.jelO51en_US
dc.subject.jelO52en_US
dc.subject.ddc330en_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwRegressionen_US
dc.subject.stwBayes-Statistiken_US
dc.subject.stwSchätzungen_US
dc.subject.stwOECD-Staatenen_US
dc.subject.stwWelten_US
dc.titleUnraveling the fortunes of the fortunate: an Iterative Bayesian Model Averaging (IBMA) approachen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn538024151en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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