RDP 8601: Classical Models and Unobserved Aggregates Equation (22)

( z t − t−1 z t )= Σ i φ i { 1−( (σ/ σ μ ) 2 )−( (σ/ σ d ) 2 ) } i x{ υ t−i −φ( (σ/ σ μ ) 2 ) μ t−1−i −φ( (σ/ σ d ) 2 ) ε t−1−i d } MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGceaqabeaacaGGOa GaaeOEamaaBaaaleaacaqG0baabeaakiabgkHiTmaaBaaaleaacaqG 0bGaeyOeI0IaaGymaaqabaGccaqG6bWaaSbaaSqaaiaabshaaeqaaO Gaaiykaiabg2da9iabggHiLpaaBaaaleaacaqGPbaabeaakiabeA8a QnaaCaaaleqabaGaaeyAaaaakmaacmaabaGaaGymaiabgkHiTiaacI cacaGGOaGaeq4WdmNaai4laiabeo8aZnaaBaaaleaacqaH8oqBaeqa aOGaaiykamaaCaaaleqabaGaaGOmaaaakiaacMcacqGHsislcaGGOa Gaaiikaiabeo8aZjaac+cacqaHdpWCdaWgaaWcbaGaaeizaaqabaGc caGGPaWaaWbaaSqabeaacaaIYaaaaOGaaiykaaGaay5Eaiaaw2haam aaCaaaleqabaGaaeyAaaaaaOqaaiaabIhadaGadaqaaiabew8a1naa BaaaleaacaqG0bGaeyOeI0IaaeyAaaqabaGccqGHsislcqaHgpGAca GGOaGaaiikaiabeo8aZjaac+cacqaHdpWCdaWgaaWcbaGaeqiVd0ga beaakiaacMcadaahaaWcbeqaaiaaikdaaaGccaGGPaGaeqiVd02aaS baaSqaaiaabshacqGHsislcaaIXaGaeyOeI0IaaeyAaaqabaGccqGH sislcqaHgpGAcaGGOaGaaiikaiabeo8aZjaac+cacqaHdpWCdaWgaa WcbaGaaeizaaqabaGccaGGPaWaaWbaaSqabeaacaaIYaaaaOGaaiyk aiabew7aLnaaDaaaleaacaqG0bGaeyOeI0IaaGymaiabgkHiTiaabM gaaeaacaqGKbaaaaGccaGL7bGaayzFaaaaaaa@8C79@