Publication:
Growth Empirics and Reality

creativeworkseries.issn 1564-698X
dc.contributor.author Brock, William A.
dc.contributor.author Durlauf, Steven N.
dc.date.accessioned 2014-03-27T21:33:17Z
dc.date.available 2014-03-27T21:33:17Z
dc.date.issued 2001-05
dc.description.abstract This 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.identifier http://documents.worldbank.org/curated/en/2001/05/17737425/growth-empirics-reality
dc.identifier.citation World Bank Economic Review
dc.identifier.uri http://hdl.handle.net/10986/17447
dc.language English
dc.language.iso en_US
dc.publisher Washington, DC: World Bank
dc.relation.ispartofseries World Bank Economic Review
dc.rights CC BY-NC-ND 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subject AUTOREGRESSIVE MOVING AVERAGE
dc.subject AVERAGE PROCESS
dc.subject BAYES FACTOR
dc.subject BAYESIAN STATISTICS
dc.subject BENCHMARK
dc.subject BOOTSTRAP
dc.subject BUSINESS CYCLE
dc.subject CALCULATION
dc.subject CIVIL LIBERTIES
dc.subject COMPUTATION
dc.subject COUNTRY DATA
dc.subject COUNTRY REGRESSIONS
dc.subject COVARIANCE
dc.subject CROSS-COUNTRY DATA
dc.subject CROSS-COUNTRY DIFFERENCES
dc.subject CROSS-COUNTRY REGRESSION
dc.subject DATA ANALYSIS
dc.subject DATA SET
dc.subject DATA SETS
dc.subject DECISION MAKING
dc.subject DECISION THEORY
dc.subject DEMOCRATIC INSTITUTIONS
dc.subject DETERMINANTS OF GROWTH
dc.subject DISTRIBUTION FUNCTION
dc.subject DISTRIBUTIONAL DYNAMICS
dc.subject ECONOMETRIC ANALYSIS
dc.subject ECONOMETRIC ISSUES
dc.subject ECONOMETRICS
dc.subject ECONOMIC GROWTH
dc.subject ECONOMIC HISTORY
dc.subject ECONOMIC REVIEW
dc.subject ECONOMIC STRUCTURE
dc.subject ECONOMIC SYSTEMS
dc.subject ECONOMIC THEORY
dc.subject ECONOMICS
dc.subject ECONOMICS LITERATURE
dc.subject EMPIRICAL ANALYSIS
dc.subject EMPIRICAL GROWTH LITERATURE
dc.subject EMPIRICAL GROWTH REGRESSIONS
dc.subject EMPIRICAL LITERATURE
dc.subject EMPIRICAL METHODS
dc.subject EMPIRICAL RESEARCH
dc.subject EMPIRICAL WORK
dc.subject ENDOGENOUS GROWTH
dc.subject EQUATIONS
dc.subject ERROR TERM
dc.subject EXOGENOUS VARIABLES
dc.subject EXPECTED UTILITY
dc.subject EXPECTED VALUE
dc.subject EXPECTED VALUES
dc.subject EXPERIMENTAL ECONOMICS
dc.subject FIXED EFFECTS
dc.subject FREE MARKETS
dc.subject FUNCTIONAL FORM
dc.subject GOODNESS OF FIT
dc.subject GROWTH ANALYSIS
dc.subject GROWTH CONTEXT
dc.subject GROWTH DATA
dc.subject GROWTH DETERMINANTS
dc.subject GROWTH DYNAMICS
dc.subject GROWTH EMPIRICS
dc.subject GROWTH EQUATION
dc.subject GROWTH MODEL
dc.subject GROWTH MODELS
dc.subject GROWTH PERFORMANCE
dc.subject GROWTH POLICIES
dc.subject GROWTH PROCESS
dc.subject GROWTH RATE
dc.subject GROWTH RATES
dc.subject GROWTH REGRESSION
dc.subject GROWTH REGRESSIONS
dc.subject GROWTH RESIDUALS
dc.subject GROWTH THEORY
dc.subject HETEROSKEDASTICITY
dc.subject HUMAN CAPITAL
dc.subject HYPOTHESES
dc.subject INDIVIDUAL COUNTRIES
dc.subject INEQUALITY
dc.subject INSTRUMENTAL VARIABLES
dc.subject LINEAR MODEL
dc.subject LINEAR MODELS
dc.subject LINEAR REGRESSION
dc.subject LONG RUN
dc.subject MACROECONOMIC POLICY
dc.subject MACROECONOMICS
dc.subject MATRIX
dc.subject MAXIMUM LIKELIHOOD ESTIMATION
dc.subject MEASUREMENT ERROR
dc.subject MICROECONOMIC DATA SETS
dc.subject MILITARY EXPENDITURES
dc.subject MINIMIZATION
dc.subject MISSING OBSERVATIONS
dc.subject MODEL OF GROWTH
dc.subject NEW GROWTH THEORIES
dc.subject ORTHOGONALITY
dc.subject OUTLIERS
dc.subject PER CAPITA GROWTH
dc.subject PER CAPITA INCOME
dc.subject POLICY ANALYSIS
dc.subject POLICY CHANGE
dc.subject POLICY INSTRUMENT
dc.subject POLICY INTERVENTION
dc.subject POLICY VARIABLES
dc.subject POLITICAL INSTABILITY
dc.subject POLITICAL RIGHTS
dc.subject POLITICAL STABILITY
dc.subject POLITICAL SYSTEMS
dc.subject POOR COUNTRIES
dc.subject POOR DATA
dc.subject POOR MEASURES
dc.subject POPULATION GROWTH
dc.subject POVERTY TRAPS
dc.subject PREDICTION
dc.subject PREDICTIONS
dc.subject PROBABILITIES
dc.subject PROBABILITY
dc.subject PROBABILITY THEORY
dc.subject PRODUCTION FUNCTION
dc.subject PROPERTY RIGHTS
dc.subject RANDOM VARIABLES
dc.subject REGRESSION ANALYSES
dc.subject RISK AVERSION
dc.subject SOCIAL CAPITAL
dc.subject STANDARD DEVIATION
dc.subject STANDARD ERRORS
dc.subject STATISTICAL ANALYSES
dc.subject STATISTICAL ANALYSIS
dc.subject STATISTICAL INFERENCE
dc.subject STATISTICAL METHODS
dc.subject STATISTICAL MODELS
dc.subject STATISTICAL SIGNIFICANCE
dc.subject STATISTICAL THEORY
dc.subject STATISTICIANS
dc.subject THEOREMS
dc.subject TRADE OPENNESS
dc.subject TRADE POLICY
dc.subject UTILITY FUNCTION
dc.subject UTILITY FUNCTIONS
dc.subject UTILITY THEORY
dc.subject UTILITY VALUE
dc.subject VALIDITY
dc.title Growth Empirics and Reality en
dc.type Journal Article en
dc.type Article de journal fr
dc.type Artículo de revista es
dspace.entity.type Publication
dspace.entity.type Publication
okr.date.disclosure 2013-05-21
okr.doctype Publications & Research :: Journal Article
okr.docurl http://documents.worldbank.org/curated/en/2001/05/17737425/growth-empirics-reality
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Transport and ICT
okr.globalpractice Poverty
okr.identifier.externaldocumentum 000356161_20130521143705
okr.identifier.internaldocumentum 17737425
okr.identifier.report 77356
okr.journal.nbpages 229-272
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/21/000356161_20130521143705/Rendered/PDF/773560JRN020010Empirics0and0Reality.pdf en
okr.peerreview Academic Peer Review
okr.topic Statistical and Mathematical Sciences
okr.topic Macroeconomics and Economic Growth :: Economic Growth
okr.topic Poverty Reduction :: Inequality
okr.topic Economic Theory and Research
okr.topic Poverty Reduction :: Achieving Shared Growth
okr.topic Science and Technology Development
okr.unit Development Research Group (DECRG)
okr.volume 15(2)
relation.isJournalIssueOfPublication a7f5b003-9830-4eee-a7c5-076725d16fd7
relation.isJournalOfPublication c41eae2f-cf94-449d-86b7-f062aebe893f
relation.isJournalVolumeOfPublication 673503d1-2849-439f-b8d7-fbe5192e8881
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