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RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation
π
t
+
1
=
d
1
(
a
1
π
t
−
1
+
a
2
x
t
+
a
3
r
t
−
1
+
η
t
)
+
d
2
x
t
+
d
3
r
t
−
1
+
ζ
t
+
1
=
f
1
π
t
−
1
+
f
2
x
t
+
f
3
r
t
−
1
+
e
t
+
1
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