RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation
z
t
=
z
t
−
1
e
μ
z
+
ε
z
,
t
,
and
z
j
,
t
=
z
j
,
t
−
1
ρ
z
,
j
e
ε
z
,
j
,
t
for
j
=
1
,
…
,
N
,
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