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    • Comparing New Keynesian models of the business cycle: A Bayesian approach 

      Rabanal, P; Rubio-Ramirez, Juan F (Journal of Monetary Economics, 2005-09-01)
      The baseline New Keynesian model cannot replicate the observed persistence in inflation, output, and real wages for sensible parameter values. As a result, several extensions have been suggested to improve its fit to thee ...