Boug, Pål; Cappelen, Ådne; Swensen, Anders R. - Statistisk Sentralbyrå, Government of Norway - 2011
We evaluate the empirical performance of the new Keynesian Phillips curve (NKPC) for a small open economy using cointegrated vector autoregressive models, likelihood based methods and general method of moments. Our results indicate that both baseline and hybrid versions of the NKPC as well as...