Real-time rational expectations and indeterminacy
Paul Shea ()
Economics Letters, 2008, vol. 99, issue 3, 530-533
This paper uses the technique of Lubik and Schorfheide [Lubik, T., Schorfheide, F., 2004. Testing for indeterminacy: an application to U.S. monetary policy. The American Economic Review 94 (1), 190-217] to test for indeterminacy in a New Keynesian Model. Using real-time, instead of revised data on the output gap, the results suggest indeterminacy both before 1979 and after 1982.
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:99:y:2008:i:3:p:530-533
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