The New Keynesian Phillips Curve: The joint evidence can imply refutation ∗

The new Keynesian Phillips curve (NPC) is the new standard model of the supply side in medium term macro models. The NPC is supported by a number of econometric studies that report significant and correctly signed estimates of parameters of interest. In this paper we show that the same evidence, when viewed jointly, can entail refutation of the NPC as an internally consistent theory of inflation with a high degree of empirical relevance