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-space framework for modeling the velocity of circulation. Our specification allows for the estimation of different autoregressive …
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panel data to estimate the textbook 'expectations augmented' Phillips curve with a market-based and observable measure of …
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panel data to estimate the textbook 'expectations augmented' Phillips curve with a market-based and observable measure of …
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Building upon the insight that M1 velocity is the permanent component of nominal interest rates - see Benati (2020) - I propose a novel, and straightforward approach to estimating the natural rate of interest, which is conceptually related to Cochrane's (1994) proposal to estimate the permanent...
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