Growth Empirics in Panel Data Under Model Uncertainty and Weak Exogeneity

29 Pages Posted: 2 Jan 2013

See all articles by Enrique Moral-Benito

Enrique Moral-Benito

Banco de España; Universidad Carlos III de Madrid

Date Written: January 2, 2013

Abstract

This paper considers panel growth regressions in the presence of model uncertainty and reverse causality concerns. For this purpose, my econometric framework combines Bayesian Model Averaging with a suitable likelihood function for dynamic panel models with weakly exogenous regressors and fixed effects. An application of this econometric methodology to a panel of countries over the 1960-2000 period indicates that there is no robust determinant of economic growth and that the rate of conditional convergence is indistinguishable from zero.

Keywords: growth regressions, panel data, model uncertainty, bayesian model averaging

JEL Classification: O40, C23, C11

Suggested Citation

Moral-Benito, Enrique, Growth Empirics in Panel Data Under Model Uncertainty and Weak Exogeneity (January 2, 2013). Banco de Espana Working Paper No. 1243. Available at SSRN: https://ssrn.com/abstract=2195454 or http://dx.doi.org/10.2139/ssrn.2195454

Enrique Moral-Benito (Contact Author)

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Universidad Carlos III de Madrid ( email )

CL. de Madrid 126
Madrid, Madrid 28903
Spain

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