Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If you need an accessible version of this item please contact JSTOR User Support

Growth Empirics and Reality

William A. Brock and Steven N. Durlauf
The World Bank Economic Review
Vol. 15, No. 2 (2001), pp. 229-272
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/3990263
Page Count: 44
  • Get Access
  • Download ($42.00)
  • Cite this Item
If you need an accessible version of this item please contact JSTOR User Support
Growth Empirics and Reality
Preview not available

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.

Page Thumbnails

  • Thumbnail: Page 
229
    229
  • Thumbnail: Page 
230
    230
  • Thumbnail: Page 
231
    231
  • Thumbnail: Page 
232
    232
  • Thumbnail: Page 
233
    233
  • Thumbnail: Page 
234
    234
  • Thumbnail: Page 
235
    235
  • Thumbnail: Page 
236
    236
  • Thumbnail: Page 
237
    237
  • Thumbnail: Page 
238
    238
  • Thumbnail: Page 
239
    239
  • Thumbnail: Page 
240
    240
  • Thumbnail: Page 
241
    241
  • Thumbnail: Page 
242
    242
  • Thumbnail: Page 
243
    243
  • Thumbnail: Page 
244
    244
  • Thumbnail: Page 
245
    245
  • Thumbnail: Page 
246
    246
  • Thumbnail: Page 
247
    247
  • Thumbnail: Page 
248
    248
  • Thumbnail: Page 
249
    249
  • Thumbnail: Page 
250
    250
  • Thumbnail: Page 
251
    251
  • Thumbnail: Page 
252
    252
  • Thumbnail: Page 
253
    253
  • Thumbnail: Page 
254
    254
  • Thumbnail: Page 
255
    255
  • Thumbnail: Page 
256
    256
  • Thumbnail: Page 
257
    257
  • Thumbnail: Page 
258
    258
  • Thumbnail: Page 
259
    259
  • Thumbnail: Page 
260
    260
  • Thumbnail: Page 
261
    261
  • Thumbnail: Page 
262
    262
  • Thumbnail: Page 
263
    263
  • Thumbnail: Page 
264
    264
  • Thumbnail: Page 
265
    265
  • Thumbnail: Page 
266
    266
  • Thumbnail: Page 
267
    267
  • Thumbnail: Page 
268
    268
  • Thumbnail: Page 
269
    269
  • Thumbnail: Page 
270
    270
  • Thumbnail: Page 
271
    271
  • Thumbnail: Page 
272
    272