Econometric Evaluation of the New Keynesian Phillips Curve*
评估了新凯恩斯菲利普斯曲线作为欧洲通胀实证模型的表现，发现早期研究对其有利的证据依赖于特定的估计方法，并建议经济学家不应轻易接受该模型。
Abstract We give an appraisal of the New Keynesian Phillips curve (NPCM) as an empirical model of European inflation. The favourable evidence for NPCMs on euro‐area data reported in earlier studies is shown to depend on specific choices made about estimation methodology. The NPCM can be re‐interpreted as a highly restricted equilibrium correction model. We also report the outcome of tests based on variable addition and encompassing of existing models. The results show that economists should not accept the NPCM too readily.