Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf

Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf

William Brock and Steven Durlauf's article nicely summarizes some of the recent research on Bayesian model averaging. They make a number of important points. One is that the empirics of growth face three key problems: model uncertainty, parame...

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Bibliographic Details
Main Author: Sala-i-Martin, Xavier
Format: Journal Article
Language:English
en_US
Published: Washington, DC: World Bank 2014
Subjects:
AVERAGE GROWTH
COUNTRY REGRESSIONS
DATA SETS
ECONOMETRICS
ECONOMIC GROWTH
ECONOMIC IMPLICATIONS
ECONOMIC RESEARCH
ECONOMICS
EXPLANATORY VARIABLES
FUNCTIONAL FORM
GROWTH RATE
GROWTH REGRESSION
LABEL
LONG-TERM GROWTH
SLOPE
Online Access:http://documents.worldbank.org/curated/en/2001/05/17737453/comment-growth-empirics-reality-william-brock-steven-n-durlauf
http://hdl.handle.net/10986/17445
Description
Summary:William Brock and Steven Durlauf's article nicely summarizes some of the recent research on Bayesian model averaging. They make a number of important points. One is that the empirics of growth face three key problems: model uncertainty, parameter uncertainty, and endogeneity. They argue that theory uncertainty can be dealt with using Bayesian model averaging methods.

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