We propose a way to test the New Keynesian Phillips Curve without having to estimate its structural parameters. We find that it does not exist as a combination of the structural parameters consistent with the US data. This might be due to the failure of the joint hypothesis of rational expectations.
Carriero A (2008). A simple test of the New Keynesian Phillips Curve. ECONOMICS LETTERS, 100, 241-244 [http://dx.doi.org/10.1016/j.econlet.2008.02.012].
A simple test of the New Keynesian Phillips Curve
Carriero A
2008
Abstract
We propose a way to test the New Keynesian Phillips Curve without having to estimate its structural parameters. We find that it does not exist as a combination of the structural parameters consistent with the US data. This might be due to the failure of the joint hypothesis of rational expectations.File in questo prodotto:
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