RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation
π
t
−
s
π
t
−
1
=
c
1
+
γ
(
π
t
+
1
−
π
t
−
1
)
+
δ
x
t
+
{
γ
(
E
t
π
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+
1
−
π
t
+
1
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+
ε
1
t
}
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