Is there a shortcut for creating a new file?

Windows 7 and earlier: Alt+F, W, T works, regardless of whether the file or folder pane has focus.

Windows 8: This doesn't work in any more. Menu, w, t works as long as the file pane has focus.

Windows 10: Menu, w, t works as long as the file pane has focus and no file is selected. Press CONTROL-SPACE to clear the selected files (thanks @RogUE).

Windows 10 2nd Method: Alt+H, W, UP, UP, UP, ENTER. This works in even if a file is selected:

I wrote a script based on the suggestions to use AutoHotkey. If you want to change the .txt file extension, this requires Hide extentions for known file types to be off.

#IfWinActive, ahk_class CabinetWClass
#n:: ;If Windows+N is pressed in Windows Explorer
Send {Alt} ;Menu
Send f ;> File
Send w ;> New
Send t ;select Text Document
Send ^a ;select all
Exit

If you need any help with AutoHotkey, let me know. :)

It may be possible with a third party solution (haven't tested it, autokey is famous too), since it's not available in Windows 7's official keyboard shortcuts. You can create a new folder using Ctrl+Shift+N though.