Lubik, Thomas A.; Teo, Wing Leong - In: European Economic Review 56 (2012) 3, pp. 327-346
representations of the New Keynesian Phillips curve with inventories and show that one of these specifications is observationally … imposed. However, the driving variable in the New Keynesian Phillips curve – real marginal cost – is unobservable and has to … specifications of the New Keynesian Phillips curve using GMM. We find that the predictive power of the inventory-specification at …