Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)
Determinants of long-term economic Growth redux: A Measurement Error Model Averaging (MEMA) approach.
(), Ole-Petter Moe Hansen
() and Melvyn Weeks
Abstract: This paper estimates determinants of long-run growth rates
of GDP per capita in a cross section of countries. We propose a novel
Measurement Error Model Averaging (MEMA) approach that accounts for
measurement error in international income data as well as model
uncertainty. Estimating the model using eight vintages of the Penn World
Tables (PWT) together with other proposed growth determinants, we identify
18 variables related to economic growth. The results are robust to allowing
for outliers in the form of heteroscedastic model errors.
Keywords: growth regression; robust growth determinants; measurement error; Bayesian modelling; (follow links to similar papers)
JEL-Codes: C11; C82; E01; O47; (follow links to similar papers)
55 pages, December 21, 2016
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