Groen, Jan J. J.; Paap, Richard; Ravazzolo, Francesco - 2009
framework simultaneously addresses structural change and model cer-
tainty that unavoidably afiects Phillips curve forecasts. We …-variation together, we can identify three
periods of structural change with tentative evidence of a fourth one. These periods are
1974 … identifled as the start of a marked structural change in the
Fed’s monetary policy, see Clarida et al. (2000), amongst others …