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Model averaging in economics

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  • Moral-Benito, Enrique

Abstract

Fragility of regression analysis to arbitrary assumptions and decisions about choice of control variables is an important concern for applied econometricians (e.g. Leamer (1983)). Sensitivity analysis in the form of model averaging represents an (agnostic) approach that formally addresses this problem of model uncertainty. This paper presents an overview of model averaging methods with emphasis on recent developments in the combination of model averaging with IV and panel data settings.

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  • Moral-Benito, Enrique, 2010. "Model averaging in economics," MPRA Paper 26047, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:26047
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    Cited by:

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    2. Michael Danquah & Enrique Moral-Benito & Bazoumana Ouattara, 2011. "TFP growth and its determinants: nonparametrics and model averaging," Working Papers 1104, Banco de España.
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    6. Grzegorz Tchorek & Michał Brzozowski & Paweł Śliwiński, 2017. "Determinants of capital flows to emerging and advanced economies between 1990 and 2011," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 16(1), pages 17-48, April.
    7. Enrique Moral-Benito, 2010. "Panel Growth Regressions with General Predetermined Variables: Likelihood-Based Estimation and Bayesian Averaging," Working Papers wp2010_1006, CEMFI.
    8. Pablo Hernández de Cos & Enrique Moral-Benito, 2011. "Endogenous fiscal consolidations," Working Papers 1102, Banco de España.
    9. Blazejowski, Marcin & Kwiatkowski, Jacek, 2020. "Bayesian Model Averaging for Autoregressive Distributed Lag (BMA_ADL) in gretl," MPRA Paper 98387, University Library of Munich, Germany.
    10. León-González, Roberto & Montolio, Daniel, 2015. "Endogeneity and panel data in growth regressions: A Bayesian model averaging approach," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 23-39.
    11. Hauck, K. & Martin, S. & Smith, P.C., 2016. "Priorities for action on the social determinants of health: Empirical evidence on the strongest associations with life expectancy in 54 low-income countries, 1990–2012," Social Science & Medicine, Elsevier, vol. 167(C), pages 88-98.
    12. Tomas Havranek & Marek Rusnak, 2013. "Transmission Lags of Monetary Policy: A Meta-Analysis," International Journal of Central Banking, International Journal of Central Banking, vol. 9(4), pages 39-76, December.
    13. Skorepa, Michal & Komarek, Lubos, 2015. "Sources of asymmetric shocks: The exchange rate or other culprits?," Economic Systems, Elsevier, vol. 39(4), pages 654-674.
    14. Błażejowski, Marcin & Kwiatkowski, Jacek, 2015. "Bayesian Model Averaging and Jointness Measures for gretl," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 68(i05).
    15. Aiyar, Shekhar & Duval, Romain & Puy, Damien & Wu, Yiqun & Zhang, Longmei, 2018. "Growth slowdowns and the middle-income trap," Japan and the World Economy, Elsevier, vol. 48(C), pages 22-37.
    16. Christian Beer & Walter Waschiczek, 2012. "Analyzing Corporate Loan Growth in Austria Using Bank Lending Survey Data," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 61-80.
    17. Jonas Gross & Johannes Zahner, 2020. "What's on the ECB's mind? - Monetary policy before and after the global financial crisis," MAGKS Papers on Economics 202008, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    18. Piotr Białowolski & Tomasz Kuszewski & Bartosz Witkowski, 2014. "Bayesian averaging of classical estimates in forecasting macroeconomic indicators with application of business survey data," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 41(1), pages 53-68, February.
    19. Bialowolski, Piotr & Kuszewski, Tomasz & Witkowski, Bartosz, 2015. "Bayesian averaging vs. dynamic factor models for forecasting economic aggregates with tendency survey data," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 9, pages 1-37.
    20. Pablo Cos & Enrique Moral-Benito, 2014. "Determinants of health-system efficiency: evidence from OECD countries," International Journal of Health Economics and Management, Springer, vol. 14(1), pages 69-93, March.
    21. Babecký, Jan & Havránek, Tomáš & Matějů, Jakub & Rusnák, Marek & Šmídková, Kateřina & Vašíček, Bořek, 2013. "Leading indicators of crisis incidence: Evidence from developed countries," Journal of International Money and Finance, Elsevier, vol. 35(C), pages 1-19.
    22. Enrique Moral-Benito, 2011. "Dynamic panels with predetermined regressors: likelihood-based estimation and Bayesian averaging with an application to cross-country growth," Working Papers 1109, Banco de España.
    23. Liu, Chu-An, 2015. "Distribution theory of the least squares averaging estimator," Journal of Econometrics, Elsevier, vol. 186(1), pages 142-159.
    24. Próchniak, Mariusz & Witkowski, Bartosz, 2013. "Time stability of the beta convergence among EU countries: Bayesian model averaging perspective," Economic Modelling, Elsevier, vol. 30(C), pages 322-333.
    25. Michael Danquah & Enrique Moral-Benito & Bazoumana Ouattara, 2014. "TFP growth and its determinants: a model averaging approach," Empirical Economics, Springer, vol. 47(1), pages 227-251, August.

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    Keywords

    Model uncertainty; model averaging;

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling

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