Identification Using Stability Restrictions
研究如何利用矩条件的不稳定性来改善随时间稳定的结构参数的识别，并扩展广义矩方法，应用于新凯恩斯菲利普斯曲线的参数推断。
This paper studies inference in models that are identified by moment restrictions. We show how instability of the moments can be used constructively to improve the identification of structural parameters that are stable over time. A leading example is macroeconomic models that are immune to the well‐known (Lucas (1976)) critique in the face of policy regime shifts. This insight is used to develop novel econometric methods that extend the widely used generalized method of moments (GMM). The proposed methods yield improved inference on the parameters of the new Keynesian Phillips curve.