RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change Equation

Z t = ( IBP ) 1 c t a +S E t ( Z t+1 )+Q ε t MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbiqaaWOfqaaaaaaaaaWdbiaacQfadaWgaaWcbaGaamiDaaqabaGccqGH9aqpdaqadaqaaiaadMeacqGHsislcaWGcbGaamiuaaGaayjkaiaawMcaamaaCaaaleqabaGaeyOeI0IaaGymaaaakiaadogadaqhaaWcbaGaamiDaaqaaiaadggaaaGccqGHRaWkcaWGtbWefv3ySLgznfgDOjdaryqr1ngBPrginfgDObcv39gaiuaacqWFecFrdaWgaaWcbaGaamiDaaqabaGcdaqadaqaaiaadQfadaWgaaWcbaGaamiDaiabgUcaRiaaigdaaeqaaaGccaGLOaGaayzkaaGaey4kaSIaamyuaiabew7aLnaaBaaaleaacaWG0baabeaaaaa@5C0B@