Research and development and growth: a Bayesian model averaging analysis

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F11%3A10100426" target="_blank" >RIV/00216208:11230/11:10100426 - isvavai.cz</a>
Result on the web
<a href="http://www.sciencedirect.com/science/article/pii/S0264999311001994" target="_blank" >http://www.sciencedirect.com/science/article/pii/S0264999311001994</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.econmod.2011.08.007" target="_blank" >10.1016/j.econmod.2011.08.007</a>

Result language
angličtina
Original language name
Research and development and growth: a Bayesian model averaging analysis
Original language description
We examine the effect of research and development (R&amp;D) on long-term economic growth using the Bayesian model averaging (BMA) to deal rigorously with model uncertainty. Previous empirical studies, which applied BMA, investigated the effect of dozens of regressors on long-term growth, but they did not examine the effect of R&amp;D due to data unavailability. We extend these studies by proposing to capture the investment in R&amp;D by the number of Nobel prizes in science. Using our indicator, the estimates show that R&amp;D exerts a positive effect on long-term growth. This result is robust to many different parameter and model prior structures as well as to alternative definitions of R&amp;D indicator. (C) 2011 Elsevier B.V. Allrights reserved.
Czech name
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Czech description
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Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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