RDP 2012-01: Co-movement in Inflation
Equation (A9)
L
∝
(
Π
t
=
1
T
σ
t
−
NG
2
)
|
Ω
|
−
T
2
exp
[
−
0.5
Σ
t
=
1
T
(
Y
t
−
χ
t
θ
)
′
(
σ
t
Ω
)
−
1
(
Y
t
−
χ
t
θ
)
]
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