Publication:
Growth Empirics and Reality

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creativeworkseries.issn1564-698X
dc.contributor.authorBrock, William A.
dc.contributor.authorDurlauf, Steven N.
dc.date.accessioned2014-03-27T21:33:17Z
dc.date.available2014-03-27T21:33:17Z
dc.date.issued2001-05
dc.description.abstractThis article questions current empirical practice in the study of growth. It argues that much of the modern empirical growth literature is based on assumptions about regressors, residuals, and parameters that are implausible from the perspective of both economic theory and the historical experiences of the countries under study. Many of these problems, it argues, are forms of violations of an exchangeability assumption that implicitly underlies standard growth exercises. The article shows that these implausible assumptions can be relaxed by allowing for uncertainty in model specification. Model uncertainty consists of two types: theory uncertainty, which relates to which growth determinants should be included in a model; and heterogeneity uncertainty, which relates to which observations in a data set constitute draw from the same statistical model. The article proposes ways to account for both theory and heterogeneity uncertainty. Finally, using an explicit decision-theoretic framework, the authors describe how one can engage in policy-relevant empirical analysis.en
dc.identifierhttp://documents.worldbank.org/curated/en/2001/05/17737425/growth-empirics-reality
dc.identifier.citationWorld Bank Economic Review
dc.identifier.doi10.1596/17447
dc.identifier.urihttps://hdl.handle.net/10986/17447
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.relation.ispartofseriesWorld Bank Economic Review
dc.rightsCC BY-NC-ND 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subjectAUTOREGRESSIVE MOVING AVERAGE
dc.subjectAVERAGE PROCESS
dc.subjectBAYES FACTOR
dc.subjectBAYESIAN STATISTICS
dc.subjectBENCHMARK
dc.subjectBOOTSTRAP
dc.subjectBUSINESS CYCLE
dc.subjectCALCULATION
dc.subjectCIVIL LIBERTIES
dc.subjectCOMPUTATION
dc.subjectCOUNTRY DATA
dc.subjectCOUNTRY REGRESSIONS
dc.subjectCOVARIANCE
dc.subjectCROSS-COUNTRY DATA
dc.subjectCROSS-COUNTRY DIFFERENCES
dc.subjectCROSS-COUNTRY REGRESSION
dc.subjectDATA ANALYSIS
dc.subjectDATA SET
dc.subjectDATA SETS
dc.subjectDECISION MAKING
dc.subjectDECISION THEORY
dc.subjectDEMOCRATIC INSTITUTIONS
dc.subjectDETERMINANTS OF GROWTH
dc.subjectDISTRIBUTION FUNCTION
dc.subjectDISTRIBUTIONAL DYNAMICS
dc.subjectECONOMETRIC ANALYSIS
dc.subjectECONOMETRIC ISSUES
dc.subjectECONOMETRICS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC HISTORY
dc.subjectECONOMIC REVIEW
dc.subjectECONOMIC STRUCTURE
dc.subjectECONOMIC SYSTEMS
dc.subjectECONOMIC THEORY
dc.subjectECONOMICS
dc.subjectECONOMICS LITERATURE
dc.subjectEMPIRICAL ANALYSIS
dc.subjectEMPIRICAL GROWTH LITERATURE
dc.subjectEMPIRICAL GROWTH REGRESSIONS
dc.subjectEMPIRICAL LITERATURE
dc.subjectEMPIRICAL METHODS
dc.subjectEMPIRICAL RESEARCH
dc.subjectEMPIRICAL WORK
dc.subjectENDOGENOUS GROWTH
dc.subjectEQUATIONS
dc.subjectERROR TERM
dc.subjectEXOGENOUS VARIABLES
dc.subjectEXPECTED UTILITY
dc.subjectEXPECTED VALUE
dc.subjectEXPECTED VALUES
dc.subjectEXPERIMENTAL ECONOMICS
dc.subjectFIXED EFFECTS
dc.subjectFREE MARKETS
dc.subjectFUNCTIONAL FORM
dc.subjectGOODNESS OF FIT
dc.subjectGROWTH ANALYSIS
dc.subjectGROWTH CONTEXT
dc.subjectGROWTH DATA
dc.subjectGROWTH DETERMINANTS
dc.subjectGROWTH DYNAMICS
dc.subjectGROWTH EMPIRICS
dc.subjectGROWTH EQUATION
dc.subjectGROWTH MODEL
dc.subjectGROWTH MODELS
dc.subjectGROWTH PERFORMANCE
dc.subjectGROWTH POLICIES
dc.subjectGROWTH PROCESS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectGROWTH REGRESSION
dc.subjectGROWTH REGRESSIONS
dc.subjectGROWTH RESIDUALS
dc.subjectGROWTH THEORY
dc.subjectHETEROSKEDASTICITY
dc.subjectHUMAN CAPITAL
dc.subjectHYPOTHESES
dc.subjectINDIVIDUAL COUNTRIES
dc.subjectINEQUALITY
dc.subjectINSTRUMENTAL VARIABLES
dc.subjectLINEAR MODEL
dc.subjectLINEAR MODELS
dc.subjectLINEAR REGRESSION
dc.subjectLONG RUN
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMICS
dc.subjectMATRIX
dc.subjectMAXIMUM LIKELIHOOD ESTIMATION
dc.subjectMEASUREMENT ERROR
dc.subjectMICROECONOMIC DATA SETS
dc.subjectMILITARY EXPENDITURES
dc.subjectMINIMIZATION
dc.subjectMISSING OBSERVATIONS
dc.subjectMODEL OF GROWTH
dc.subjectNEW GROWTH THEORIES
dc.subjectORTHOGONALITY
dc.subjectOUTLIERS
dc.subjectPER CAPITA GROWTH
dc.subjectPER CAPITA INCOME
dc.subjectPOLICY ANALYSIS
dc.subjectPOLICY CHANGE
dc.subjectPOLICY INSTRUMENT
dc.subjectPOLICY INTERVENTION
dc.subjectPOLICY VARIABLES
dc.subjectPOLITICAL INSTABILITY
dc.subjectPOLITICAL RIGHTS
dc.subjectPOLITICAL STABILITY
dc.subjectPOLITICAL SYSTEMS
dc.subjectPOOR COUNTRIES
dc.subjectPOOR DATA
dc.subjectPOOR MEASURES
dc.subjectPOPULATION GROWTH
dc.subjectPOVERTY TRAPS
dc.subjectPREDICTION
dc.subjectPREDICTIONS
dc.subjectPROBABILITIES
dc.subjectPROBABILITY
dc.subjectPROBABILITY THEORY
dc.subjectPRODUCTION FUNCTION
dc.subjectPROPERTY RIGHTS
dc.subjectRANDOM VARIABLES
dc.subjectREGRESSION ANALYSES
dc.subjectRISK AVERSION
dc.subjectSOCIAL CAPITAL
dc.subjectSTANDARD DEVIATION
dc.subjectSTANDARD ERRORS
dc.subjectSTATISTICAL ANALYSES
dc.subjectSTATISTICAL ANALYSIS
dc.subjectSTATISTICAL INFERENCE
dc.subjectSTATISTICAL METHODS
dc.subjectSTATISTICAL MODELS
dc.subjectSTATISTICAL SIGNIFICANCE
dc.subjectSTATISTICAL THEORY
dc.subjectSTATISTICIANS
dc.subjectTHEOREMS
dc.subjectTRADE OPENNESS
dc.subjectTRADE POLICY
dc.subjectUTILITY FUNCTION
dc.subjectUTILITY FUNCTIONS
dc.subjectUTILITY THEORY
dc.subjectUTILITY VALUE
dc.subjectVALIDITY
dc.titleGrowth Empirics and Realityen
dc.typeJournal Articleen
dc.typeArticle de journalfr
dc.typeArtículo de revistaes
dspace.entity.typePublication
okr.date.disclosure2013-05-21
okr.date.doiregistration2025-05-06T11:38:52.301370Z
okr.doctypePublications & Research::Journal Article
okr.docurlhttp://documents.worldbank.org/curated/en/2001/05/17737425/growth-empirics-reality
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeTransport and ICT
okr.globalpracticePoverty
okr.guid469261468147582773
okr.identifier.externaldocumentum000356161_20130521143705
okr.identifier.internaldocumentum17737425
okr.identifier.report77356
okr.journal.nbpages229-272
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/21/000356161_20130521143705/Rendered/PDF/773560JRN020010Empirics0and0Reality.pdfen
okr.peerreviewAcademic Peer Review
okr.topicStatistical and Mathematical Sciences
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicPoverty Reduction::Inequality
okr.topicEconomic Theory and Research
okr.topicPoverty Reduction::Achieving Shared Growth
okr.topicScience and Technology Development
okr.unitDevelopment Research Group (DECRG)
okr.volume15(2)
relation.isJournalIssueOfPublicationa7f5b003-9830-4eee-a7c5-076725d16fd7
relation.isJournalIssueOfPublication.latestForDiscoverya7f5b003-9830-4eee-a7c5-076725d16fd7
relation.isJournalOfPublicationc41eae2f-cf94-449d-86b7-f062aebe893f
relation.isJournalVolumeOfPublication673503d1-2849-439f-b8d7-fbe5192e8881
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