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RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation
Δ
π
t
=
−
0.007
(
0.9
)
+
0.72
(
6.6
)
(
E
t
π
t
+
1
−
π
t
−
1
)
−
0.0008
(
0.1
)
x
t
−
0.0003
(
0.1
)
g
a
p
t
−
1
+
d
u
m
m
i
e
s
+
ε
1
t
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