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A Refinement in the Specification of Empirical Macroeconomic Models as an Extension to the EBA Procedure

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Author Info
Jeffrey Edwards (North Carolina A & T State University)
Alfred Sams (Texas Tech University)
Benhua Yang (Texas Tech University)

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Abstract

Ross Levine and David Renelt's (LR) paper [1992] investigate the "robustness" of the relationship between growth, investment, and variables of interest using Leamer's [1985] Extreme Bounds Analysis (EBA). LR claim that few economic variables have a robust relationship with either long-run cross-country growth rates or investment's share of GDP. As something resembling an extension of McAleer et al. [1985] and Hoover and Perez [2004], we use a battery of statistical tests to search for models that may be less subject to specification error. We conclude that there are alternative models based on LR that have better statistical properties as well as give rather different results.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Topics in Macroeconomics.

Volume (Year): 6 (2006)
Issue (Month): 2 ()
Pages: 1410-1410
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Handle: RePEc:bep:mactop:v:6:y:2006:i:2:p:1410-1410

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Related research
Keywords: misspecification testing robustness growth

Find related papers by JEL classification:
C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General

References listed on IDEAS
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  1. Kramer, Walter, et al, 1985. "Diagnostic Checking in Practice," The Review of Economics and Statistics, MIT Press, vol. 67(1), pages 118-23, February. [Downloadable!] (restricted)
  2. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September. [Downloadable!] (restricted)
  3. Jeff Edwards & Anya McGuirk, 2004. "Kuznets Curveball: Missing the Regional Strike Zone," Econ Journal Watch, Atlas Economic Research Foundation, vol. 1(2), pages 222-234, August. [Downloadable!]
  4. Barry P. Bosworth & Susan M. Collins and Georgetown University, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2003-2), pages 113-206. [Downloadable!]
  5. Jonathan Temple & Paul A. Johnson, 1998. "Social Capability And Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 965-990, August. [Downloadable!] (restricted)
  6. Leamer, Edward E, 1985. "Sensitivity Analyses Would Help," American Economic Review, American Economic Association, vol. 75(3), pages 308-13, June.
  7. McAleer, Michael & Pagan, Adrian, 1985. "What Will Take the Con Out of Econometrics?," CEPR Discussion Papers 39, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Martin, Philippe & Ann Rogers, Carol, 2000. "Long-term growth and short-term economic instability," European Economic Review, Elsevier, vol. 44(2), pages 359-381, February. [Downloadable!] (restricted)
    Other versions:
  9. Dubin, Robin A, 1988. "Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms," The Review of Economics and Statistics, MIT Press, vol. 70(3), pages 466-74, August. [Downloadable!] (restricted)
  10. De Long, J Bradford & Summers, Lawrence H, 1991. "Equipment Investment and Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 445-502, May. [Downloadable!] (restricted)
    Other versions:
  11. McAleer, Michael, 1994. " Sherlock Holmes and the Search for Truth: A Diagnostic Tale," Journal of Economic Surveys, Blackwell Publishing, vol. 8(4), pages 317-70, December.
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