Model uncertainty in cross‐country growth regressions
跨国增长回归中的模型不确定性
Abstract We investigate the issue of model uncertainty in cross‐country growth regressions using Bayesian Model Averaging (BMA). We find that the posterior probability is spread widely among many models, suggesting the superiority of BMA over choosing any single model. Out‐of‐sample predictive results support this claim. In contrast to Levine and Renelt ( 1992 ), our results broadly support the more ‘optimistic’ conclusion of Sala‐i‐Martin ( 1997b ), namely that some…