Imbs, Jean; Jondeau, Eric; Pelgrin, Florian - Society for Computational Economics - SCE - 2006
direction of the implied bias. Two results arise when the estimation accounts for the possibility of heterogeneity. First …, marginal costs become substantially more important in affecting inflation dynamics (i.e. heterogeneity induces a negative bias … an aggregation bias in any disaggregated data. …