RDP 8601: Classical Models and Unobserved Aggregates
Equation (19)
t
z
t
=
t
−
1
z
t
+
(
(
σ
/
σ
μ
)
2
+
(
σ
/
σ
d
)
2
)
(
z
t
−
t
−
1
z
t
)
+
(
(
σ
/
σ
d
)
2
)
ε
t
d
+
(
(
σ
/
σ
μ
)
2
)
μ
t
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