RDP 8601: Classical Models and Unobserved Aggregates Equation

( M t − t−1 M t )=φ{ ( 1−( ( σ/ σ μ ) 2 )−( ( σ/ σ d ) 2 )( z t−1 − t−2 z t−1 )−( ( σ/ σ μ ) 2 ) μ t−1 −( ( σ/ σ d ) 2 ) ε t−1 d }+ η t + ν t MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWaaeWaaeaaca WGnbWaaSbaaSqaaiaadshaaeqaaOGaeyOeI0YaaSbaaSqaaiaadsha cqGHsislcaaIXaaabeaakiaad2eadaWgaaWcbaGaamiDaaqabaaaki aawIcacaGLPaaacqGH9aqpcqaHgpGAdaGadaqaamaabeaabaGaaGym aiabgkHiTmaabmaabaWaaeWaaeaacqaHdpWCcaGGVaGaeq4Wdm3aaS baaSqaaiabeY7aTbqabaaakiaawIcacaGLPaaadaahaaWcbeqaaiaa ikdaaaaakiaawIcacaGLPaaacqGHsisldaqadaqaamaabmaabaGaeq 4WdmNaai4laiabeo8aZnaaBaaaleaacaWGKbaabeaaaOGaayjkaiaa wMcaamaaCaaaleqabaGaaGOmaaaaaOGaayjkaiaawMcaamaabmaaba GaamOEamaaBaaaleaacaWG0bGaeyOeI0IaaGymaaqabaGccqGHsisl daWgaaWcbaGaamiDaiabgkHiTiaaikdaaeqaaOGaamOEamaaBaaale aacaWG0bGaeyOeI0IaaGymaaqabaaakiaawIcacaGLPaaacqGHsisl daqadaqaamaabmaabaGaeq4WdmNaai4laiabeo8aZnaaBaaaleaacq aH8oqBaeqaaaGccaGLOaGaayzkaaWaaWbaaSqabeaacaaIYaaaaaGc caGLOaGaayzkaaGaeqiVd02aaSbaaSqaaiaadshacqGHsislcaaIXa aabeaakiabgkHiTmaabmaabaWaaeWaaeaacqaHdpWCcaGGVaGaeq4W dm3aaSbaaSqaaiaadsgaaeqaaaGccaGLOaGaayzkaaWaaWbaaSqabe aacaaIYaaaaaGccaGLOaGaayzkaaGaeqyTdu2aa0baaSqaaiaadsha cqGHsislcaaIXaaabaGaamizaaaaaOGaayjkaaaacaGL7bGaayzFaa Gaey4kaSIaeq4TdG2aaSbaaSqaaiaadshaaeqaaOGaey4kaSIaeqyV d42aaSbaaSqaaiaadshaaeqaaaaa@8EE7@