equivalent to the maximum likelihood estimator of the parameters
Ψ = {γV , cV , γM , cM...ΣE ,ΣR ,ΠE ,ΠR}:
Ψ̂ = arg min
Ψ
T∑
t=1
ε′tΣ
−1
t εt
For given γV , cV , γM ,...
Year-on-year rate of change – right
M1 (balance)
20182011 2012 201720152013 2014 2016
%
220...CHIF – Croatian Health Insurance Fund
CLVPS – Croatian Large Value Payment...
