RDP 2010-01: Reconciling Microeconomic and Macroeconomic Estimates of Price Stickiness Equation

c ˜ j = c t z t w ˜ t = W t z t P t y ˜ j , t = y j , t z t y ˜ t = y t z t h ˜ t = H t z t P t m ˜ j , t d = m j , t d z t m ˜ t d = m t d z t Λ ˜ t = β t z t P t Λ t r j , t = P j , t P t r j , t + = P j , t + P t Π t = P t P t 1 Π j , t = P j , t P j , t 1 ω j , t = Ω j , t P j , t . MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaqbaeqabmqbaa aabaGabm4yayaaiaWaaSbaaSqaaiaadQgaaeqaaOGaeyypa0ZaaSaa aeaacaWGJbWaaSbaaSqaaiaadshaaeqaaaGcbaGaamOEamaaBaaale aacaWG0baabeaaaaaakeaaceWG3bGbaGaadaWgaaWcbaGaamiDaaqa baGccqGH9aqpdaWcaaqaaiaadEfadaWgaaWcbaGaamiDaaqabaaake aacaWG6bWaaSbaaSqaaiaadshaaeqaaOGaamiuamaaBaaaleaacaWG 0baabeaaaaaakeaaceWG5bGbaGaadaWgaaWcbaGaamOAaiaacYcaca WG0baabeaakiabg2da9maalaaabaGaamyEamaaBaaaleaacaWGQbGa aiilaiaadshaaeqaaaGcbaGaamOEamaaBaaaleaacaWG0baabeaaaa aakeaaceWG5bGbaGaadaWgaaWcbaGaamiDaaqabaGccqGH9aqpdaWc aaqaaiaadMhadaWgaaWcbaGaamiDaaqabaaakeaacaWG6bWaaSbaaS qaaiaadshaaeqaaaaaaOqaaiqadIgagaacamaaBaaaleaacaWG0baa beaakiabg2da9maalaaabaGaamisamaaBaaaleaacaWG0baabeaaaO qaaiaadQhadaWgaaWcbaGaamiDaaqabaGccaWGqbWaaSbaaSqaaiaa dshaaeqaaaaaaOqaaiqad2gagaacamaaDaaaleaacaWGQbGaaiilai aadshaaeaacaWGKbaaaOGaeyypa0ZaaSaaaeaacaWGTbWaa0baaSqa aiaadQgacaGGSaGaamiDaaqaaiaadsgaaaaakeaacaWG6bWaaSbaaS qaaiaadshaaeqaaaaaaOqaaiqad2gagaacamaaDaaaleaacaWG0baa baGaamizaaaakiabg2da9maalaaabaGaamyBamaaDaaaleaacaWG0b aabaGaamizaaaaaOqaaiaadQhadaWgaaWcbaGaamiDaaqabaaaaaGc baGafu4MdWKbaGaadaWgaaWcbaGaamiDaaqabaGccqGH9aqpcqaHYo GydaahaaWcbeqaaiabgkHiTiaadshaaaGccaWG6bWaaSbaaSqaaiaa dshaaeqaaOGaamiuamaaBaaaleaacaWG0baabeaakiabfU5amnaaBa aaleaacaWG0baabeaaaOqaaiaadkhadaWgaaWcbaGaamOAaiaacYca caWG0baabeaakiabg2da9maalaaabaGaamiuamaaBaaaleaacaWGQb GaaiilaiaadshaaeqaaaGcbaGaamiuamaaBaaaleaacaWG0baabeaa aaaakeaacaWGYbWaa0baaSqaaiaadQgacaGGSaGaamiDaaqaaiabgU caRaaakiabg2da9maalaaabaGaamiuamaaDaaaleaacaWGQbGaaiil aiaadshaaeaacqGHRaWkaaaakeaacaWGqbWaaSbaaSqaaiaadshaae qaaaaaaOqaaaqaaiabfc6aqnaaBaaaleaacaWG0baabeaakiabg2da 9maalaaabaGaamiuamaaBaaaleaacaWG0baabeaaaOqaaiaadcfada WgaaWcbaGaamiDaiabgkHiTiaaigdaaeqaaaaaaOqaaiabfc6aqnaa BaaaleaacaWGQbGaaiilaiaadshaaeqaaOGaeyypa0ZaaSaaaeaaca WGqbWaaSbaaSqaaiaadQgacaGGSaGaamiDaaqabaaakeaacaWGqbWa aSbaaSqaaiaadQgacaGGSaGaamiDaiabgkHiTiaaigdaaeqaaaaaaO qaaiabeM8a3naaBaaaleaacaWGQbGaaiilaiaadshaaeqaaOGaeyyp a0ZaaSaaaeaacqqHPoWvdaWgaaWcbaGaamOAaiaacYcacaWG0baabe aaaOqaaiaadcfadaWgaaWcbaGaamOAaiaacYcacaWG0baabeaaaaGc caGGUaaabaaaaaaa@C46C@