RDP 2013-11: Issues in Estimating New-Keynesian Phillips Curves in the Presence of Unknown Structural Change
Equation (A9)
π
t
+
1
=
a
1
π
t
+
a
2
(
ϕ
5
x
t
+
ϕ
4
π
t
+
ϕ
6
r
t
+
ν
2
t
+
1
)
+
a
3
r
t
+
η
t
+
1
=
b
1
π
t
+
b
2
x
t
+
b
3
r
t
+
ξ
t
+
1
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