We compare different methods for estimating forwardlooking output and inflation equations and show that weak identification can be an issue in conventional GMM estimation. GMM and maximum likelihood procedures that impose the dynamic constraints implied by the forwardlooking relation on the...

Intro -- Contents -- Acknowledgments -- Foreword -- 1 The Phillips Curve in Historical Context -- 2 Fifty Years of the Phillips Curve -- 3 Forecasting Inflation -- 4 The Labor Market and the Phillips Curve -- 5 Inflation Expectations -- 6 Evidence on Price Determination -- 7 Is the Phillips...