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RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation
π
t
=
0.01
(
3.6
)
+
0.37
(
3.9
)
π
t
−
1
+
0.12
(
0.6
)
E
t
π
t
+
1
+
0.07
(
3.5
)
x
t
+
0.009
(
2.9
)
g
a
p
t
−
1
+
d
u
m
m
i
e
s
+
ε
1
t
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