Benati, Luca (contributor); Vitale, Giovanni (contributor) - 2007
Phillips curve portion of the model; and (ii) the volatilities of disturbances to inflation and cyclical (log) output, which we … capture via break tests. Time-variation in the natural rate of interest is estimated to have been comparatively large for the …We jointly estimate the natural rate of interest, the natural rate of unemployment, expected inflation, and potential …