This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Determinants of economic growth - will data tell? Author info | Abstract | Publisher info | Download info | Related research | Statistics Antonio Ciccone () (ICREA-Universitat Pompeu Fabra, Plaça de la Mercè, 10-12. 08002 Barcelona, Spain. )
Marek Jarocinski () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany. )
Additional information is available for the following
registered author(s):
Many factors inhibiting and facilitating economic growth have been suggested. Will international income data tell which matter when all are treated symmetrically a priori? We find that growth determinants emerging from agnostic Bayesian model averaging and classical model selection procedures are sensitive to income differences across datasets. For example, many of the 1975-1996 growth determinants according to World Bank income data turn out to be irrelevant when using Penn World Table data instead (the WB adjusts for purchasing power using a slightly different methodology). And each revision of the 1960-1996 PWT income data brings substantial changes regarding growth determinants. We show that research based on stronger priors about potential growth determinants is more robust to imperfect international income data. JEL Classification: E01, O47.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by European Central Bank in its series Working Paper Series with number
852.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length: 42 pages
Date of creation: Jan 2008Date of revision:
Handle: RePEc:ecb:ecbwps:20080852Contact details of provider: Postal: Postfach 16 03 19, Frankfurt am Main, Germany Phone: +49 69 1344 0 Fax: +49 69 1344 6000 Web page: http://www.ecb.europa.eu/home/html/index.en.html More information through EDIRC
Order Information: Postal: Press and Information Division, European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany Email:
For technical questions regarding this item, or to correct its listing, contact: (Official Publications).
Keywords: Growth regressions robust growth determinants. Other versions of this item:
This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: 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)
Robert J. Barro & Jong-Wha Lee, 2000.
"International Data on Educational Attainment Updates and Implications ,"
NBER Working Papers
7911, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Robert J. Barro & Jong-Wha Lee, 2000.
"International Data on Educational Attainment: Updates and Implications ,"
CID Working Papers
42, Center for International Development at Harvard University.
[Downloadable!] Barro, Robert J & Lee, Jong-Wha, 2001.
"International Data on Educational Attainment: Updates and Implications ,"
Oxford Economic Papers ,
Oxford University Press, vol. 53(3), pages 541-63, July.
Przeworski, Adam & Limongi, Fernando, 1993.
"Political Regimes and Economic Growth ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 7(3), pages 51-69, Summer.
[Downloadable!] (restricted)
Hendry, David F & Hans-Martin Krolzig, 2003.
"The Properties of Automatic Gets Modelling ,"
Royal Economic Society Annual Conference 2003
105, Royal Economic Society.
[Downloadable!]
Other versions:
David Hendry & Hans-Martin Krolzig, 2003.
"The Properties of Automatic Gets Modelling ,"
Economics Papers
2003-W14, Economics Group, Nuffield College, University of Oxford.
[Downloadable!] David F. Hendry & Hans-Martin Krolzig, 2005.
"The Properties of Automatic "GETS" Modelling ,"
Economic Journal ,
Royal Economic Society, vol. 115(502), pages C32-C61, 03.
[Downloadable!] (restricted) Carmen Fernandez & Eduardo Ley & Mark F. J. Steel, 2001.
"Model uncertainty in cross-country growth regressions ,"
Journal of Applied Econometrics ,
John Wiley & Sons, Ltd., vol. 16(5), pages 563-576.
[Downloadable!]
Other versions: Jones, Charles I., 1994.
"Economic growth and the relative price of capital ,"
Journal of Monetary Economics ,
Elsevier, vol. 34(3), pages 359-382, December.
[Downloadable!] (restricted)
Steel, Mark F. J. & Ley, Eduardo, 2007.
"On the effect of prior assumptions in Bayesian model averaging with applications to growth regression ,"
Policy Research Working Paper Series
4238, The World Bank.
[Downloadable!]
Other versions:
Ley, Eduardo & Steel, Mark F.J., 2008.
"On the Effect of Prior Assumptions in Bayesian Model Averaging with Applications to Growth Regression ,"
MPRA Paper
6637, University Library of Munich, Germany, revised 06 Jan 2008.
[Downloadable!] Ley, Eduardo & Steel, Mark F.J., 2008.
"On the Effect of Prior Assumptions in Bayesian Model Averaging with Applications to Growth Regression ,"
MPRA Paper
6772, University Library of Munich, Germany, revised 06 Jan 2008.
[Downloadable!] Fernandez, Carmen & Ley, Eduardo & Steel, Mark F. J., 2001.
"Benchmark priors for Bayesian model averaging ,"
Journal of Econometrics ,
Elsevier, vol. 100(2), pages 381-427, February.
[Downloadable!] (restricted)
Other versions:
Carmen Fernández & Eduardo Ley & Mark F. J. Steel, .
"Benchmark priors for Bayesian Model averaging ,"
Working Papers
98-06, FEDEA.
[Downloadable!] Carmen Fernandez & E Ley & Mark F J Steel, 2004.
"Benchmark priors for Bayesian models averaging ,"
ESE Discussion Papers
66, Edinburgh School of Economics, University of Edinburgh.
[Downloadable!] Carmen Fernandez & Eduardo Ley & Mark F.J. Steel, 1998.
"Benchmark Priors for Bayesian Model Averaging ,"
Econometrics
9804001, EconWPA, revised 31 Jul 1999.
[Downloadable!] Kevin Lee & Emi Mise & Kalvinder Shields & Tony Garratt, 2005.
"Real time Representations of the Output Gap ,"
Money Macro and Finance (MMF) Research Group Conference 2005
26, Money Macro and Finance Research Group.
[Downloadable!]
Other versions: Kleibergen, Frank & Paap, Richard, 2002.
"Priors, posteriors and bayes factors for a Bayesian analysis of cointegration ,"
Journal of Econometrics ,
Elsevier, vol. 111(2), pages 223-249, December.
[Downloadable!] (restricted)
Frank Kleibergen & Herman K. van Dijk, 1998.
"Bayesian Simultaneous Equations Analysis using Reduced Rank Structures ,"
Tinbergen Institute Discussion Papers
98-025/4, Tinbergen Institute.
[Downloadable!]
Other versions:
Kleibergen, F. & Van Dijk, H.K., 1997.
"Bayesian Simultaneous Equations Analysis Using Reduced Rank Structures ,"
Papers
9714/a, Erasmus University of Rotterdam - Econometric Institute.
Kleibergen, Frank & Dijk, Herman K. van, 1996.
"Bayesian simultaneous equations analysis using reduced rank structures ,"
Econometric Institute Report
47, Erasmus University Rotterdam, Econometric Institute.
[Downloadable!] Kleibergen, Frank & van Dijk, Herman K., 1998.
"Bayesian Simultaneous Equations Analysis Using Reduced Rank Structures ,"
Econometric Theory ,
Cambridge University Press, vol. 14(06), pages 701-743, December.
[Downloadable!] Steve Dowrick, 2005.
"The Penn World Table: A Review ,"
Australian Economic Review ,
The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 38(2), pages 223-228, 06.
[Downloadable!] (restricted)
repec:att:wimass:1920418 is not listed on IDEAS
Thomas Doan & Robert Litterman & Christopher Sims, 1984.
"Forecasting and conditional projection using realistic prior distributions ,"
Econometric Reviews ,
Taylor and Francis Journals, vol. 3(1), pages 1-100.
[Downloadable!] (restricted)
Other versions: David F. Hendry & Hans-Martin Krolzig, 2004.
"We Ran One Regression ,"
Oxford Bulletin of Economics and Statistics ,
Department of Economics, University of Oxford, vol. 66(5), pages 799-810, December.
[Downloadable!] (restricted)
H. E. Frech III, 2003.
"Introduction ,"
International Journal of the Economics of Business ,
Taylor and Francis Journals, vol. 10(2), pages 133-133, July.
[Downloadable!] (restricted)
Xavier Sala-i-Martin & Gernot Doppelhofer & Ronald I. Miller, 2004.
"Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach ,"
American Economic Review ,
American Economic Association, vol. 94(4), pages 813-835, September.
[Downloadable!] (restricted)
Other versions: R. Kanbur & A.J. Venables, 2003.
"Editors' Introduction: ,"
Journal of African Economies ,
Oxford University Press, vol. 12(4), pages 473-475, December.
Levine, Ross & Renelt, David, 1992.
"A Sensitivity Analysis of Cross-Country Growth Regressions ,"
American Economic Review ,
American Economic Association, vol. 82(4), pages 942-63, September.
[Downloadable!] (restricted)
Other versions: J. Rajendran Pandian & Paul L. Robertson, 2003.
"Introduction ,"
Managerial and Decision Economics ,
John Wiley & Sons, Ltd., vol. 24(4), pages 241-243.
[Downloadable!]
J. Peter Neary, 2004.
"Rationalizing the Penn World Table: True Multilateral Indices for International Comparisons of Real Income ,"
American Economic Review ,
American Economic Association, vol. 94(5), pages 1411-1428, December.
[Downloadable!] (restricted)
Barro, Robert J, 1996.
" Democracy and Growth ,"
Journal of Economic Growth ,
Springer, vol. 1(1), pages 1-27, March.
David F. Hendry & Hans-Martin Krolzig, 2004.
"We Ran One Regression ,"
Economics Papers
2004-W17, Economics Group, Nuffield College, University of Oxford.
[Downloadable!]
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:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Elias Papaioannou, 2007.
"Finance and growth - a macroeconomic assessment of the evidence from a European angle ,"
Working Paper Series
787, European Central Bank.
[Downloadable!]
Access and
download statistics Did you know? You may want to explore EconPapers , which displays the same data as IDEAS in a different way.
This page was last updated on 2008-8-21.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .