RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation (8)
π
t
=
β
θ
ϕ
E(
π
t
+
1
)+
(1
−
β
θ
)(1
−
θ
)(1
−
θ
)(1
−
ω
)
ϕ
m
c
t
+
ω
ϕ
π
t
−
1
,
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