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RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (1)
π
t
=
(
1
−
s
)
π
¯
t
−
δ
x
¯
t
+
α
π
t
−
1
+
γ
E
t
π
t
+
1
+
δ
x
t
+
ε
1
t
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