Based on annual data for growth and inflation forecasts for Germany covering the time span from 1970 to 2007 and up to 17 different forecasts per year, we test for a possible asymmetry of the forecasters' loss function and estimate the degree of asymmetry for each forecasting institution using...

The present paper tests for the existence of multicointegration between real per capita private consumption expenditure and real per capita disposable personal income in the USA. In doing so, we exploit the fact that the flows of disposable income and consumption expenditure on the one hand, and...

The paper introduces a nonlinear model that belongs to the STAR family of models. The main feature of the suggested Bi-parameter Smooth Transition AutoRegressive (BSTAR) model is that it allows for different speed of transition between the middle regime and each of the identical outer regimes....