Journal Article

Growth Empirics and Reality

Show simple item record

collection.link.102
https://openknowledge.worldbank.org/handle/10986/2211
collection.name.102
A. World Bank Economic Review
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.date.lastModified
2021-04-23T14:03:29Z
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.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
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.googlescholar.linkpresent
yes
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)

Show simple item record



This item appears in the following Collection(s)