Kim, Chang-Jin; Kim, Yunmi - In: Studies in Nonlinear Dynamics & Econometrics 12 (2008) 3, pp. 1515-1515
New Keynesian Phillips curves (NKPC) have recently been modified to include additional lags of inflation in the specification in order to capture the considerable persistence in postwar U.S. inflation. Furthermore, many researchers have agreed on the existence of structural changes in the...