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Doppelhofer, G.; Weeks, M. - Faculty of Economics, University of Cambridge - 2011

This paper investigates the robustness of determinants of economic growth in the presence of model uncertainty, parameter heterogeneity and outliers. The robust model averaging approach introduced in the paper uses a flexible and parsimonious mixture modeling that allows for fat-tailed errors...

Persistent link: https://www.econbiz.de/10009024903

Growth, Governance and Corruption in the Presence of Threshold Effects: Theory and Evidence

Aidt, T.; Dutta, J.; Sena, Vania - Faculty of Economics, University of Cambridge - 2005

We study the joint determination of corruption and economic growth. Our model can generate multiple equilibria when … complementarity between corruption and growth is sufficiently strong. Our estimates of the impact of corruption on growth take into … account that corruption is endogenous and that there may exist different growth/corruption regimes. In a cross section of …

Persistent link: https://www.econbiz.de/10005113755

Homogeneous middles vs. heterogeneous tails, and the end of the ‘Inverted-U’: the share of the rich is what it's all about

Palma, J.G. - Faculty of Economics, University of Cambridge - 2011

This paper examines the current global scene of within-nations distributional disparities. There are three main conclusions: first, that the statistical evidence for the ‘upwards’ side of the “Inverted-U” between inequality and income per capita seems to have vanished, as many lowand...

Persistent link: https://www.econbiz.de/10009024885

Has the income share of the middle and upper-middle been stable over time, or is its current homogeneity across the world the outcome of a process of convergence? The 'Palma Ratio'...

Palma, José Gabriel - Faculty of Economics, University of Cambridge - 2014

In an article published in Development and Change in 2011, I suggested an alternative measure of inequality to the Gini - a "19th Century statistic" - which has subsequently become known as the ´Palma Ratio'. In this new article, I revisit the argument for such a measure. Using new data, I...

Persistent link: https://www.econbiz.de/10010949350

Nonlinearities in Cross-Country Growth Regressions: A Bayesian Averaging of Thresholds (BAT) Approach

Doppelhofer, G.; Cuaresma, J.C. - Faculty of Economics, University of Cambridge - 2007

We propose a Bayesian Averaging of Thresholds (BAT) approach for assessing the existence and quantifying the effect of threshold effects in cross- country growth regressions in the presence of model uncertainty. The BAT method extends the Bayesian Averaging of Classical Estimates (BACE) approach...

Persistent link: https://www.econbiz.de/10005113816

Jointness of Growth Determinants

Doppelhofer, G.; Weeks, M. - Faculty of Economics, University of Cambridge - 2005

Model uncertainty arises from uncertainty about correct economic theories, data issues and empirical specification problems. This paper investigates mutual dependence or jointness among variables in explaining the dependent variable. Jointness departs from univariate measures of variable...

Persistent link: https://www.econbiz.de/10005113818

What is the Nature and Social Norm within the Context of In-Group Favouritism?

Harris, D.; Herrmann, B.; Kontoleon, A. - Faculty of Economics, University of Cambridge - 2010

In-group favouritism behaviour is observed everywhere around the world and previous research has shown that this behaviour is also easily triggered in a laboratory in various contexts. However, little is known about why different magnitudes of in-group favouritism are observed across societies....

Persistent link: https://www.econbiz.de/10008764808

Exponent of Cross-sectional Dependence: Estimation and Inference

Bailey, N.; Kapetanios, G.; Pesaran, M. H. - Faculty of Economics, University of Cambridge - 2012

An important issue in the analysis of cross-sectional dependence which has received renewed interest in the past few years is the need for a better understanding of the extent and nature of such cross dependencies. In this paper we focus on measures of cross-sectional dependence and how such...

Persistent link: https://www.econbiz.de/10009421777

Spatial and Temporal Diffusion of House Prices in the UK

Holly, S.; Pesaran, M.H.; Yamagata, T. - Faculty of Economics, University of Cambridge - 2009

This paper provides a method for the analysis of the spatial and temporal diffusion of shocks in a dynamic system. We use changes in real house prices within the UK economy at the level of regions to illustrate its use. Adjustment to shocks involves both a region specific and a spatial effect....

Persistent link: https://www.econbiz.de/10008543358

The Statistical Relationship between Bivariate and Multinomial Choice Models

Weeks, M.; Orne, C. - Faculty of Economics, University of Cambridge - 1999

The authors demonstrate the conditions under which the bivariate probit model can be considered a special case of the more general multinomial probit model. Since the attendant parameter restrictions produce a singular covariance matrix, the subsequent problems of testing on the boundary of the...

Persistent link: https://www.econbiz.de/10005783772