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Research & development and growth: A Bayesian model averaging analysis
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SYSNO ASEP 0364038 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Článek ve WOS Title Research & development and growth: A Bayesian model averaging analysis Author(s) Horváth, Roman (UTIA-B) RID Number of authors 1 Source Title Economic Modelling. - : Elsevier - ISSN 0264-9993
Roč. 28, č. 6 (2011), s. 2669-2673Number of pages 5 s. Action Society for Non-linear Dynamics and Econometrics Annual Conferencen Event date 16.03.2011-18.03.2011 VEvent location Washington DC Country US - United States Event type WRD Language eng - English Country NL - Netherlands Keywords Research and development ; Growth ; Bayesian model averaging Subject RIV AH - Economics R&D Projects GA402/09/0965 GA ČR - Czech Science Foundation (CSF) CEZ AV0Z10750506 - UTIA-B (2005-2011) UT WOS 000298070200036 DOI 10.1016/j.econmod.2011.08.007 Annotation 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 show that 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. Workplace Institute of Information Theory and Automation Contact Markéta Votavová, votavova@utia.cas.cz, Tel.: 266 052 201. Year of Publishing 2012
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