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RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (7)
π
t
=
0.015
(
0.6
)
+
0.23
(
1.9
)
π
t
−
1
+
0.61
(
1.9
)
E
t
π
t
+
1
+
0.019
(
0.6
)
x
t
+
0.002
(
0.4
)
g
a
p
t
−
1
+
ε
1
t
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