Hondroyiannis, George; Swamy, P.A.V.B.; Tavlas, George S. - Bank of Greece - 2007
The New Keynesian Phillips Curve (NKPC) specifies a relationship between inflation and a forcing variable and the current period’s expectation of future inflation. Most empirical estimates of the NKPC, typically based on Generalized Method of Moments (GMM) estimation, have found a significant...