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Measuring Economic Growth with a Fully Identified Three-Signal Model / Andrea Civelli, Arya Gaduh, Ahmed Sadek Yousuf.
- Format:
- Book
- Author/Creator:
- Civelli, Andrea.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31517.
- NBER working paper series no. w31517
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- We augment Henderson, Storeygard, and Weil (2012)'s two-signal model of true income 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 the GDP in the composite economic growth estimates, which varies with the quality of the national statistics and the geographic level of analysis. The model improves on existing methodologies that use signals to measure true income.
- Notes:
- Print version record
- July 2023.
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