Measuring Economic Growth with a Fully Identified Three-Signal Model
在Henderson等人(2012)的双信号模型基础上加入第三个信号，解决了模型不可识别问题，从而更准确地估计真实GDP增长率，并揭示官方GDP在综合估计中的最优权重随统计质量变化。
Abstract We augment Henderson et al. (2012)'s two-signal model of true GDP growth with a third signal to overcome its underidentification problem. The additional moment conditions from the third signal help fully identify all model parameters without ad-hoc calibrations of the GDP's signal-to-noise ratio. We characterize the necessary properties of the third signal. Using the model, we recover the optimal weight of official GDP in the composite true GDP growth estimates, which varies with the quality of the national statistics. The model improves on existing methodologies that use signals to measure true income.