The article summarizes the recent seminar of the Czech Economic Association devoted to the Nobel Prize laureates in economics for 2000, James J. Heckman and Daniel L. McFadden. A paper presented by M. Zajícek concentrated mainly on the work of Mr. McFadden. Economic problems, especially those...

Functional Signal plus Noise (FSN) time series models are introduced for the econometric analysis of the dynamics of a large cross-section of prices in which contemporaneous observations are functionally related. A semiparametric FSN model is developed in which a smooth, cubic spline signal...