Karanassou, Marika (contributor); … - 2007
puzzle" is highly misleading, relying on the exogeneity of the forcing variable (e.g. output gap, marginal costs … and some real variable, x
t
,suchas
output, the output gap, real marginal costs, or the unemployment rate. From this, it … argue that this "persistency puzzle"
is highly misleading, relying on the exogeneity of the forcing variable (e.g. output …