Mavroeidis (2005) alerted that equilibrium conditions from typical rational expectations macroeconomic models could be weakly identified due to the use of poor instruments. I argue that, although such concerns are legitimate, they are not empirically severe, provided instruments are properly selected. I use an estimated medium scale DSGE model as a laboratory to assess single-equation estimation of macroeconomic equilibrium conditions. I present LASSO-based estimators to select instruments that perform well in finite samples, which I argue have a better chance of performing for forward-looking relationships, such as the New Keynesian Phillips Curve. Finally, I provide an empirical application of the estimators for the US economy s Phillips Curve and show that it validates a dominant forward looking behavior.