We just averaged over two trillion cross-country growth regressions /

We just averaged over two trillion cross-country growth regressions /

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Bibliographic Details
Author / Creator:	Ley, Eduardo.
Imprint:	[Washington, D.C.] : International Monetary Fund, Fiscal Affairs Department, ©1999.
Description:	1 online resource (20 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/99/101 IMF working paper ; WP/99/101.
Subject:	Economic development -- Econometric models. Forecasting -- Econometric models. Regression analysis -- Econometric models. Uncertainty -- Econometric models. Economic development -- Econometric models. Forecasting -- Econometric models. Regression analysis -- Econometric models. Uncertainty -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496211

Hidden Bibliographic Details
Other authors / contributors:	Steel, Mark F. J. International Monetary Fund. Fiscal Affairs Department.
ISBN:	1451898126 9781451898125 128160125X 9781281601254
Notes:	Includes bibliographical references (pages 19-20). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	We investigate the issue of model uncertainty in cross-country growth regressions using Bayesian model averaging (BMA). We find that the posterior probability is distributed among many models, suggesting the superiority of BMA over any single model. Out-of-sample predictive results support that claim. In contrast with Levine and Renelt (1992), our results broadly support the more "optimistic" conclusion of Sala-i-Martin (1997b), namely, that some variables are important regressors for explaining cross-country growth patterns. However, the variables we identify as most useful for growth regression differ substantially from Sala-i-Martin's results
Other form:	Print version: Ley, Eduardo. We just averaged over two trillion cross-country growth regressions. [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Department, ©1999

Description
Summary:	We investigate the issue of model uncertainty in cross-country growth regressions using Bayesian model averaging (BMA). We find that the posterior probability is distributed among many models, suggesting the superiority of BMA over any single model. Out-of-sample predictive results support that claim. In contrast with Levine and Renelt (1992), our results broadly support the more "optimistic" conclusion of Sala-i-Martin (1997b), namely, that some variables are important regressors for explaining cross-country growth patterns. However, the variables we identify as most useful for growth regression differ substantially from Sala-i-Martin's results.
Physical Description:	1 online resource (20 pages) : illustrations
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 19-20).
ISBN:	1451898126 9781451898125 128160125X 9781281601254