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2. Consider the following process: yt = Oyt-1 + 6 - Get-1; t = 0,+1,12, ... 10| of- let-. (3) 1= 1 [35%] b) Assume lo| > 1. Show that the process of (2) can be expressed as: 41 = 0-104 - (0 - 0) 10-+-lati (4) 1=1 Does the expression of (4) have any practical purpose? Explain your answer. [35%] c) Suppose T consecutive observations (y1, y2, . .. , yr) were drawn from the process of (2). Derive the log likelihood function for the exact maximum likelihood estimation of the un- known parameters of (2). [30%] [Hint: for parts a) and b), write the process of (2) using the lag operator. Notice that if lo| > 1, 10-31