After a forecast failure, a respecification is usually necessary to account for the data "ex post", in which case there is a gain in knowledge as a result of the forecast failure. Using Norwegian consumption as an example, we show that the financial deregulation in the mid-1980s led to forecast...

Summary PcGets is a computer program that implements automated econometric model selection. After discussing the installation and the documentation of the program, I describe the interface and the algorithm. Before concluding, I give an illustration of use of the program.

Previous empirical studies have suggested an ambiguous relationship between crude oil prices and exchange rates. In contrast to these studies, we explore the possibility of a non-linear relationship between oil prices and the Norwegian exchange rate. We reveal a negative relationship between oil...