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Structural estimation of the New-Keynesian model: A formal test of backward- and forward-looking behavior
Jang, Tae-Seok
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2012
of persistence in inflation and output. First, a small-scale New-Keynesian model (NKM) is examined using the
method
of
…
moment
and maximum likelihood estimators with US data from 1960 to 2007. Then a formal test compares the fit of two competing …
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