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Near-rational expectations and the Phillips Curve : an empirical application

Mestrado em Economia Monetária e Financeira ; The purpose of this work is to present and empirically test the Akerlof, Dickens and Perry (2000) model for two euro area countries, Portugal and Germany. The main purpose is to derive estimates for the Near Rational Phillips Curve and verify if the implications of ADP do apply to the current preference of the European Central Bank for an inflation target below the...