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Macro frictions and theoretical identification of the New Keynesian Phillips curve |
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| Affiliation: | 1. Department of Oncology, Palliative Research Group, Rigshospitalet—Copenhagen University Hospital, Copenhagen;2. Department of Clinical Medicine, Faculty of Health and Medical Sciences, University of Copenhagen, Copenhagen, Denmark;3. Department of Oncology, Oslo University Hospital and University of Oslo, Oslo;4. European Palliative Care Research Centre (PRC), Norwegian University of Science and Technology and the Cancer Clinic, Trondheim University Hospital, Trondheim, Norway |
| Abstract: | I discuss theoretical identification of the New Keynesian Phillips curve, and show that it can be identified with limited information techniques when the data generating process is a New Keynesian model with enough macro frictions or persistent shocks. Monte Carlo experiments illustrate the quantitative relevance of the results. |
| Keywords: | New Keynesian Phillips curve Identification Weak identification General method of moments |
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