A simple test of the New Keynesian Phillips Curve |
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| Authors: | Andrea Carriero |
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| Affiliation: | aDepartment of Economics, Queen Mary University of London, Mile End Rd., London E1 4NS, United Kingdom |
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| 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. |
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| Keywords: | VARs Inflation Phillips Curve |
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