RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (5)
π
t
=
0.007
(
0.7
)
+
0.26
(
2.3
)
π
t
−
1
+
0.69
(
5.4
)
E
t
π
t
+
1
+
0.01
(
0.7
)
x
t
+
ε
1
t
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