Journal
EUROPEAN ECONOMIC REVIEW
Volume 81, Issue -, Pages 189-202Publisher
ELSEVIER
DOI: 10.1016/j.euroecorev.2015.03.009
Keywords
Economic growth determinants; Bayesian model averaging; Latent class analysis; Dirichlet processes
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Funding
- funds of the Oesterreichische Nationalbank (Oesterreichische Nationalbank, Anniversary Fund) [14663]
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We propose the use of Latent Class Analysis methods to analyze the covariate inclusion patterns across specifications resulting from Bayesian model averaging exercises. Using Dirichlet Process clustering, we are able to identify and describe dependency structures among variables in terms of inclusion in the specifications that compose the model space. We apply the method to two datasets of potential determinants of economic growth. Clustering the posterior covariate inclusion structure of the model space formed by linear regression models reveals interesting patterns of complementarity and substitutability across economic growth determinants. (c) 2016 Elsevier B.V. All rights reserved.
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