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Ct = Zo + Z1yt + Z2Ct-1 + Elt it = Bo + Birt + B2Yt + 2t Yt = (t + it c. Can

Ct = Zo + Z1yt + Z2Ct-1 + Elt it = Bo + Birt + B2Yt + 2t Yt = (t + it c. Can the parameters in this system be estimated via Indirect Least Squares? If the answer is yes, then explain how you could estimate the structural parameters using ILS. If the answer is no, then explain why not. d. Explain in detail how you would estimate the structural parameters of this model using Full-Information Maximum Likelihood. Write out each assumption that you make. Ct = Zo + Z1yt + Z2Ct-1 + Elt it = Bo + Birt + B2Yt + 2t Yt = (t + it c. Can the parameters in this system be estimated via Indirect Least Squares? If the answer is yes, then explain how you could estimate the structural parameters using ILS. If the answer is no, then explain why not. d. Explain in detail how you would estimate the structural parameters of this model using Full-Information Maximum Likelihood. Write out each assumption that you make

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