Footnote:
In: Oxford Bulletin of Economics & Statistics, Vol. 66, No. 5, pp. 799-810, December 2004
Description:
The controversy over the selection of 'growth regressions' was precipitated by some remarkably numerous 'estimation' strategies, including two million regressions by Sala-i-Martin [American Economic Review (1997b) Vol. 87, pp. 178-183]. Only one regression is really needed, namely the general unrestricted model, appropriately reduced to a parsimonious encompassing, congruent representation. We corroborate the findings of Hoover and Perez [Oxford Bulletin of Economics and Statistics (2004) Vol. 66], who also adopt an automatic general-to-simple approach, despite the complications of data imputation. Such an outcome was also achieved in just one run of PcGets, within a few minutes of receiving the data set in Fernandez, Ley and Steel [Journal of Applied Econometrics (2001) Vol. 16, pp. 563-576] from Professor Ley