\newcommand{\TranShocktpOne }{\Theta_{t}}
\begin{eqnarray}
  \label{eq:ell}
\ifnumSw  \pmb{\ell}_{t,i} & = & \overbrace{\theta_{t,i}\TranShocktpOne}^{\equiv\,\pmb{\theta}_{t,i}}\underbrace{{p}_{t,i} {P}_{t}}_{\equiv\,\pLev_{t,i}}.
\end{eqnarray}
