RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation
m
i
,
t
j
,
d
=
γ
j
(
P
j
,
t
m
P
t
m
)
−
ε
m
i
,
t
d
m
i
,
t
d
(
k
)
=
1
γ
j
(
P
t
(
k
)
P
j
,
t
m
)
−
ε
m
i
,
t
j
,
d
i
∈
(
ψ
j
−
1
,
ψ
j
]
.
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