0364038 20240103195513.320110916235959.9 000298070200036 10.1016/j.econmod.2011.08.007 5 s. cav_un_epca*02503910264-9993286 (2011)2669-2673Elsevier Research and development Growth Bayesian model averaging cav_un_auth*0274257 Horváth Roman Ekonometrie Department of Econometrics E E UTIA-B Department of Econometrics Ústav teorie informace a automatizace AV ČR, v. v. i. http://library.utia.cas.cz/separaty/2011/E/horvath-research & development and growth a bayesian model averaging analysis.pdf GA402/09/0965 GA ČR cav_un_auth*0253176 CEZ:AV0Z10750506 We examine the effect of research and development (R&D) on long-term economic growth using the Bayesian model averaging (BMA) to deal rigorously with model uncertainty. Previous empirical studies, which applied BMA, investigated the effect of dozens of regressors on long-term growth, but they did not examine the effect of R&D due to data unavailability. We extend these studies by proposing to capture the investment in R&D by the number of Nobel prizes in science. Using our indicator, the estimates show that R&D exerts a positive effect on long-term growth. This result is robust to many different parameter and model prior structures as well as to alternative definitions of R&D indicator. cav_un_auth*0274251 Society for Non-linear Dynamics and Econometrics Annual Conferencen Washington DC 16.03.2011-18.03.2011 US 2012 AH 1 http://hdl.handle.net/11104/0199623 ECONOMICS 0.359 23 0.535 33.03 0.91 Q2 21.45 46.573 Q4 Q3 2011 000298070200036 WOS cav_un_epca*0250391 Economic Modelling 0264-9993 1873-6122 Roč. 28 č. 6 2011 2669 2673 Elsevier