Ege, Yazgan M.; Hakan, Yilmazkuday - In: Studies in Nonlinear Dynamics & Econometrics 9 (2005) 1, pp. 1-15
Recent empirical research on the New Keynesian Phillips Curve (NKPC) does not offer any supporting evidence for its benchmark version in which all firms are forward-looking. There is, however, empirical support for a modified, hybrid, NPKC, in which only a proportion of the firms that use a...