Observed inflation forecasts and the new Keynesian macro model
This paper compares the GMM and measured expectations in estimating the conventional New Keynesian macro model for the Euro area and the United States. The use of measured expectations strongly reduces the importance of lagged output and inflation terms.
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- Stracca, Livio, 2010. "Is the New Keynesian IS curve structural?," Working Paper Series 1236, European Central Bank.
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