Research & development and growth: A Bayesian model averaging analysis

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985556%3A_____%2F11%3A00364038" target="_blank" >RIV/67985556:_____/11:00364038 - isvavai.cz</a>
Result on the web
<a href="http://dx.doi.org/10.1016/j.econmod.2011.08.007" target="_blank" >http://dx.doi.org/10.1016/j.econmod.2011.08.007</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 & development and growth: A Bayesian model averaging analysis
Original language description
We examine the effect of research and development (R&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&D due to data unavailability. We extend these studies by proposing to capture the investment in R&D by the number of Nobel prizes in science. Using our indicator, the estimates showthat R&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&D indicator.
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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Project
<a href="/en/project/GA402%2F09%2F0965" target="_blank" >GA402/09/0965: New Approaches to Monitoring and Forecasting Financial Markets</a><br>
Continuities
Z - Vyzkumny zamer (s odkazem do CEZ)

Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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