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RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation (4)
π
t
=
∑
j
=
1
N
w
j
(
(1
−
θ
j
)(1
−
β
θ
j
)
θ
j
m
c
j
,
t
+
β
E
t
π
j
,
t
+
1
)
.
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