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We analyze the cross-national distribution of GDP per capita and its evolutionfrom 1970 to 2003. We argue that peaks are not a suitable measure for distinctgrowth regimes, because the number of peaks is not invariant under strictlymonotonic transformations of the data (e.g. original vs. log...
Persistent link: https://www.econbiz.de/10009302613
Atheoretical regression trees (ART) are applied to detect changes in the mean of a stationarylong memory time series when location and number are unknown. It is shownthat the BIC, which is almost always used as a pruning method, does not operate well inthe long memory framework.[...]
Persistent link: https://www.econbiz.de/10005870769