RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (6)
π
t
=
0.02
(
1.9
)
+
0.28
(
2.9
)
π
t
−
1
+
0.54
(
4.2
)
E
t
π
t
+
1
+
0.03
(
1.8
)
x
t
+
d
u
m
m
i
e
s
+
ε
1
t
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