RDP 8601: Classical Models and Unobserved Aggregates
Equation (23)
(
M
t
−
t
−
1
M
t
)
=
η
t
+
∑
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
}
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