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A Refinement in the Specification of Empirical Macroeconomic Models as an Extension to the EBA Procedure

Author

Listed:
  • Edwards Jeffrey A

    (North Carolina A & T State University)

  • Sams Alfred

    (Texas Tech University)

  • Yang Benhua

    (Texas Tech University)

Abstract

Ross Levine and David Renelt's (LR) paper [1992] investigate the "robustness" of the relationship between growth, investment, and variables of interest using Leamer's [1985] Extreme Bounds Analysis (EBA). LR claim that few economic variables have a robust relationship with either long-run cross-country growth rates or investment's share of GDP. As something resembling an extension of McAleer et al. [1985] and Hoover and Perez [2004], we use a battery of statistical tests to search for models that may be less subject to specification error. We conclude that there are alternative models based on LR that have better statistical properties as well as give rather different results.

Suggested Citation

  • Edwards Jeffrey A & Sams Alfred & Yang Benhua, 2006. "A Refinement in the Specification of Empirical Macroeconomic Models as an Extension to the EBA Procedure," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(2), pages 1-26, October.
    • Handle: RePEc:bpj:bejmac:v:topics.6:y:2006:i:2:n:13
    DOI: 10.2202/1534-5998.1410
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    Citations

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    Cited by:

    1. cole, Chip & Edwards, Jeffrey A., 2010. "Competition on MARS? A study of broker-dealer competition in the U.S. municipal auction rate securities market," MPRA Paper 36444, University Library of Munich, Germany.
    2. Edwards, Jeffrey A. & Kasibhatla, Krishna, 2009. "Dynamic heterogeneity in cross-country growth relationships," Economic Modelling, Elsevier, vol. 26(2), pages 445-455, March.
    3. Beck Thorsten & Büyükkarabacak Berrak & Rioja Felix K. & Valev Neven T., 2012. "Who Gets the Credit? And Does It Matter? Household vs. Firm Lending Across Countries," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-46, March.
    4. Jeffrey Edwards & Frank Thames, 2010. "Growth volatility and the interaction between economic and political development," Empirical Economics, Springer, vol. 39(1), pages 183-201, August.
    5. Neil R. Ericsson, 2008. "The Fragility of Sensitivity Analysis: An Encompassing Perspective," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(s1), pages 895-914, December.

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