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Robustness (economics)
About: Robustness (economics) is a research topic. Over the lifetime, 2209 publications have been published within this topic receiving 52211 citations.
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TL;DR: In this article, the authors examined the robustness of explanatory variables in cross-country economic growth regressions and employed a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables.
Abstract: This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables. The weights applied to individual regressions are justified on Bayesian grounds in a way similar to the well-known Schwarz criterion. Of 32 explanatory variables we find 11 to be robustly partially correlated with long-term growth and another five variables to be marginally related. Of all the variables considered, the strongest evidence is for the initial level of real GDP per capita.
1,953 citations
TL;DR: In this paper, the authors examined the robustness of explanatory variables in cross-country economic growth regressions and employed a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables.
Abstract: This paper examines the robustness of explanatory variables in cross-country economic growth regressions. It employs a novel approach, Bayesian Averaging of Classical Estimates (BACE), which constructs estimates as a weighted average of OLS estimates for every possible combination of included variables. The weights applied to individual regressions are justified on Bayesian grounds in a way similar to the well-known Schwarz criterion. Of 32 explanatory variables we find 11 to be robustly partially correlated with long-term growth and another five variables to be marginally related. Of all the variables considered, the strongest evidence is for the initial level of real GDP per capita.
1,541 citations
TL;DR: In this article, the authors compare projections from the latest models with those from earlier versions and find that the spread of results has not changed significantly, and some of the spread will always remain due to the internal variability of the climate system.
Abstract: Updated models are being used for the new assessment report from the Intergovernmental Panel on Climate Change. This study compares projections from the latest models with those from earlier versions. The spread of results has not changed significantly, and some of the spread will always remain due to the internal variability of the climate system. As models improve, they are able to represent more processes in greater detail, allowing for greater confidence in their projections, in spite of model spread.
1,363 citations
TL;DR: In this paper, the authors investigate the linkage between economic development and environmental quality in BRIC economies and find that both economic and financial development are determinants of the environmental quality and environmental degradation.
1,154 citations
TL;DR: The authors developed an analytical model of contagion in financial networks with arbitrary structure and explored how the probability and potential impact of contagions is influenced by aggregate and idiosyncratic shocks, changes in network structure, and asset market liquidity.
Abstract: This paper develops an analytical model of contagion in financial networks with arbitrary structure. We explore how the probability and potential impact of contagion is influenced by aggregate and idiosyncratic shocks, changes in network structure, and asset market liquidity. Our findings suggest that financial systems exhibit a robust-yet-fragile tendency: while the probability of contagion may be low, the effects can be extremely widespread when problems occur. And we suggest why the resilience of the system in withstanding fairly large shocks prior to 2007 should not have been taken as a reliable guide to its future robustness.
1,124 citations