dlpan=c(1)*dlpan(-1)+c(2)*c(3)*dlpan(1)+((1-c(3)-c(2)+c(2)*c(3)^2+c(3)*c(2)^2-(c

(2)*c(3))^2)/(c(3)+c(1)-c(1)*c(3)+c(1)*c(2)*c(3)))*mco
dlpan(-1 to -4) lw(-1 to -4) mco(-1 to -4) cycle_ly(-1 to -4)

gmm (dlpan - {b1}*l.dlpan - {b2}*{b3}*F.dlpan-((1-{b3}-{b2}+{b2}*{b3}^2+{b3}*{b2

}^2-({b2}*{b3})^2)/({b3}+{b1}-{b1}*{b3}+{b1}*{b2}*{b3}))*mco), instruments (l.dl
pan ll.dlpan lll.dlpan llll.dlpan l.lw ll.lw lll.lw llll.lw l.mco ll.mco lll.mco
llll.mco l.cycle_ly ll.cycle_ly lll.cycle_ly llll.cycle_ly)