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Compared with alternative estimation procedures this approach has several advantages: first, the constraints that the model places on the data are transparent; second, the model can be solved recursively by the Kalman filter, thus, avoiding algebraic model solutions; and third, modifications in the empirical model as well as in the likelihood function are easily incorporated.    Prior to the presentation of the general model the author clarifies his approach using a simple two variable model. In section 4 it is shown how to estimate the model. 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