New Keynesian Phillips Curves and potential identification failures: A Generalized Empirical Likelihood analysis
Martins, LF and Gabriel, VJ (2009) New Keynesian Phillips Curves and potential identification failures: A Generalized Empirical Likelihood analysis Journal of Macroeconomics, 31 (4). pp. 561-571.
In this paper, we examine parameter identi�cation in the hybrid speci�cation of the New Keynesian Phillips Curve proposed by Gali and Gertler (1999). We employ recently developed moment-conditions inference procedures, which provide a more e¢ cient and reliable econometric framework for the analysis of the NKPC. In particular, we address the issue of parameter identi�cation, obtaining robust con�dence sets for the model�s parameters. Our results cast serious doubts on the empirical validity of the NKPC.
|Divisions :||Faculty of Arts and Social Sciences > School of Economics|
|Identification Number :||https://doi.org/10.1016/j.jmacro.2009.01.003|
|Additional Information :||NOTICE: this is the author’s version of a work that was accepted for publication in Journal of Macroeconomics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Macroeconomics, 31(4), January 2009, DOI 10.1016/j.jmacro.2009.01.003.|
|Depositing User :||Symplectic Elements|
|Date Deposited :||16 Jul 2012 09:07|
|Last Modified :||25 Oct 2014 13:33|
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