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An Estimation of the Nonlinear Phillips Curve in Colombia

Javier Guillermo
Gómez-Pineda
Juan Manuel
Julio-Román
Domingo, 1 Octubre 2000

As originally drawn and estimated by professor Phillips, the Phillips, curve is a curve indeed, not a straight line as often thought. Following Laxton, et. al. (1999) we estimate a convex Phillips curve and model de NAURI as a variable that is unobserv