RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation
max
{
c
t
,
{
c
j
,
t
d
}
j
=
1
N
,
H
t
,
l
t
s
,
B
t
}
t
=
0
∞
E
∑
t
=
0
∞
β
t
(
a
t
ln
c
t
+
ln
H
t
P
t
c
−
1
1
+
1
η
(
l
t
s
)
1
+
1
η
)
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