Dees, Stephane; Pesaran, Hashem; Smith, L. Vanessa; … - Institute for the Study of Labor (IZA) - 2008
New Keynesian Phillips Curves (NKPC) have been extensively used in the analysis of monetary policy, but yet there are a number of issues of concern about how they are estimated and then related to the underlying macroeconomic theory. The first is whether such equations are identified. To check...
