Split equations within \align

Question

I am using the \split command within \align. Following this thread: What does a double ampersand (&&) mean in LaTeX? I am using an ampersand before each row (left alignment of the first column) and two ampersands after (to left align the second column too, so that Latex interprets it as column 4). However, this works for all equations but the one I split into two lines with \split, which for some reason remains right aligned in spite of the double ampersand. Am I missing something?

Thanks a lot

\begin{align*}
&\text{Production function}       &&    \hat{y_t} = \hat{a_t}+\hat{n}_{t}+\hat{h}_{t}\\
&\text{Job creation condition}    &&
\begin{split}
\frac{1+\psi}{\delta} s_{v}\left[\psi \hat{z}_{t}-\hat{q_t}\right]=\beta E_{t}[\hat{\varphi}_{t+1}+\widehat{m p l}_{t+1}+\hat{h}_{t+1}+\psi (1+\psi) s_{v} \hat{z}_{t+1} -\\
s_{w} \hat{w}_{t+1} + (1-\delta) \frac{1+\psi}{\delta} s_{v} (\psi\hat{z}_{t+1}- \hat{q}_{t+1}) + (1-s_{w}+\psi s_{v} + \\ (1-\delta) \frac{1+\psi}{\delta} s_{v}) \left(\varepsilon_{t+1}^b - \varepsilon_{t}^b + \sigma^{-1} \hat{c}_{t}^R- \sigma^{-1} \hat{c}_{t+1}^R\right)] 
\end{split} \\
&\text{Hours}                    && \varphi_{t} m p l_{t}=\frac{v^{\prime}\left(h_{t}\right)}{u^{\prime}\left(c_{t}^R\right)} \\
&\text{Evolution of the prices}  && P_{k,t}=(1-\delta_p)P_{k,t}^{*}+\delta_p P_{k,t-1} \\
&\text{Optimal pricing}          && E_{t} \sum_{s=0}^{\infty} \delta_{p}^{s} \beta_{t, t+s}\left(\frac{P_{t}^{*}}{P_{t+s}}-\mu \varphi_{t+s}\right) P_{t+s}^{\gamma} c_{t+s}=0 \\
\end{align*}