RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation (6)
λ
(
θ
t
h
e
o
r
y
m
a
c
r
o
,
β
)
≡
E
(
λ
(
θ
j
,
β
)
)
≥
λ
(
E
(
θ
j
)
,
β
)
⇒
θ
t
h
e
o
r
y
m
a
c
r
o
≤
E
(
θ
j
)
.
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