RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (3)
r
t
=
(
1
−
λ
1
)
r
¯
−
λ
2
x
¯
t
−
λ
3
π
¯
t
+
λ
1
r
t
−
1
+
λ
2
x
t
+
λ
3
π
t
+
ε
3
t
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