This paper offers two innovations for empirical growth research. First, the paper discusses principal components augmented regressions to take into account all available information in well-behaved regressions. Second, the paper proposes a frequentist model averaging framework as an alternative...

Governments are challenged to balance multiple policy goals and make difficult choices when selecting infrastructure projects for public investment, particularly since available funds are often insufficient to implement the full suite of proposals. This paper presents the application of the...