RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (2)
x
t
=
(
1
−
ρ
1
)
x
¯
t
−
d
(
r
¯
−
π
¯
t
)
+
ρ
1
x
t
−
1
+
d
(
r
t
−
1
−
π
t
−
1
)
+
ε
2
t
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