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RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (A7)
π
t
=
ψ
1
π
t
−
1
+
ψ
2
x
t
+
ψ
3
(
λ
1
r
t
−
1
+
λ
2
x
t
+
λ
3
π
t
+
ε
3
t
)
+
ν
t
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