RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness
Equation
P
t
≡
P
t
c
=
(
∑
j
=
1
N
γ
j
P
j
,
t
1
−
ε
)
1
1
−
ε
=
(
∑
j
=
1
N
∫
ψ
j
−
1
ψ
j
P
t
(
k
)
1
−
ε
d
k
)
1
1
−
ε
=
(
∫
0
1
P
t
(
k
)
1
−
ε
d
k
)
1
1
−
ε
=
P
t
m
.
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