English, Article, Journal or magazine article edition: Blunt Instruments: On Establishing the Causes of Economic Growth Michael Clemens; Samuel Bazzi

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Bookmark: http://trove.nla.gov.au/version/69062
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Blunt Instruments: On Establishing the Causes of Economic Growth
Author
  • Michael Clemens
  • Samuel Bazzi
Physical Description
  • preprint
Notes
  • Despite intense concern that many instrumental variables used in growth regressions may be invalid, or both, top journals studies of economic growth based on problematic instruments. doing so risks pushing the entire literature closer to irrelevance. This article illustrates hidden problems with identification in recent prominently published and widely cited growth studies using their original data and urges researchers to take steps to overcome the shortcomings.
  • economic growth, capital, macroeconomy, macroeconomic policy, regression models for growth, Economics
  • RePEc:ess:wpaper:id:2024
  • Despite intense concern that many instrumental variables used in growth regressions may be weak, invalid, or both, top journals continue to publish studies of economic growth based on problematic instruments. Doing so risks pushing the entire literature closer to irrelevance. We illustrate hidden problems with identification in recent prominently published and widely cited growth studies using their original data. We urge researchers to take three steps to overcome the shortcomings: grounding research in somewhat more generalized theoretical models, deploying the latest methods to test sensitivity to violations of the exclusion restriction, and opening the “black box” of the Generalized Method of Moments (GMM) with supportive evidence of instrument strength.
  • IV, instrumental variables, , 2SLS, two-stage least squares, Generalized Method of Moments, GMM, Blundell-Bond, Arellano-Bond, exclusion restriction, economic growth, regression, weak instruments, valid instruments, overidentification, underidentification, identification problem, growth determinants, foreign aid, institutions, geography, legal origins, too many instruments.
  • RePEc:cgd:wpaper:171
Language
  • English
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