Orphanides, Athanasios; van Norden, Simon - In: Journal of Money, Credit and Banking 37 (2005) 3, pp. 583-601
A stable predictive relationship between inflation and the output gap, often referred to as a Phillips curve, provides the basis for countercyclical monetary policy in many models. In this paper, we evaluate the usefulness of alternative univariate and multivariate estimates of the output gap...
