Počet záznamů: 1

Research & development and growth: A Bayesian model averaging analysis

  1. 1.
    0364038 - UTIA-B 2012 RIV NL eng J - Článek v odborném periodiku
    Horváth, Roman
    Research & development and growth: A Bayesian model averaging analysis.
    Economic Modelling. Roč. 28, č. 6 (2011), s. 2669-2673 ISSN 0264-9993.
    [Society for Non-linear Dynamics and Econometrics Annual Conferencen. Washington DC, 16.03.2011-18.03.2011]
    Grant CEP: GA ČR GA402/09/0965
    Výzkumný záměr: CEZ:AV0Z10750506
    Klíčová slova: Research and development * Growth * Bayesian model averaging
    Kód oboru RIV: AH - Ekonomie
    Impakt faktor: 0.701, rok: 2011
    http://library.utia.cas.cz/separaty/2011/E/horvath-research & development and growth a bayesian model averaging analysis.pdf http://library.utia.cas.cz/separaty/2011/E/horvath-research & development and growth a bayesian model averaging analysis.pdf

    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.
    Trvalý link: http://hdl.handle.net/11104/0199623