posted on 2015-06-25, 08:45authored byJames Rockey, Jonathan Temple
The issue of model uncertainty is central to the empirical study of economic growth. Many
recent papers use Bayesian Model Averaging to address model uncertainty, but Ciccone and
Jarociński (2010) have questioned the approach on theoretical and empirical grounds. They
argue that a standard ‘agnostic’ approach is too sensitive to small changes in the dependent
variable, such as those associated with different vintages of the Penn World Table (PWT). This
paper revisits their theoretical arguments and empirical illustration, drawing on more recent
vintages of the PWT, and introducing an approach that limits the degree of agnosticism.
History
Citation
European Economic Review 2016, 81, 86–102
Author affiliation
/Organisation/COLLEGE OF SOCIAL SCIENCE/Department of Economics
JEL codes: C51, O40, O47;The file associated with this record is under embargo until 24 months after publication, in accordance with the publisher's self-archiving policy. The full text may be available through the publisher links provided above.