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

• Tác giả: Xavier Sala-i-Martin
• Ngôn ngữ: eng
• Ký hiệu phân loại: 338.9 Economic development and growth
• Thông tin xuất bản: Washington, DC: World Bank, 2014
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 316491
• Chủ đề: 1. AVERAGE GROWTH; 2. COUNTRY REGRESSIONS; 3. DATA SETS; 4. ECONOMETRICS; 5. ECONOMIC GROWTH

Tóm tắt

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.