Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25952 
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dc.contributor.authorEicher, Theo S.en
dc.contributor.authorPapageorgiou, Chrisen
dc.contributor.authorRoehn, Oliveren
dc.date.accessioned2007-07-23-
dc.date.accessioned2009-07-28T08:14:07Z-
dc.date.available2009-07-28T08:14:07Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1907en
dc.subject.jelO40en
dc.subject.jelO47en
dc.subject.jelO51en
dc.subject.jelO52en
dc.subject.ddc330en
dc.subject.stwWirtschaftswachstumen
dc.subject.stwRegressionen
dc.subject.stwBayes-Statistiken
dc.subject.stwSchätzungen
dc.subject.stwOECD-Staatenen
dc.subject.stwWelten
dc.titleUnraveling the fortunes of the fortunate: an Iterative Bayesian Model Averaging (IBMA) approach-
dc.typeWorking Paperen
dc.identifier.ppn538024151en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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