Anytime an individual makes a cash payment, s/he needs to think about the amount to be paid, the coins and notes which are available, and the amount of change. For central banks and retail stores, for example, it is of interest to un- derstand how this individual choice process works. The...

Anytime an individual makes a cash payment, s/he needs to think about theamount to be paid, the coins and notes which are available, and the amount ofchange. For central banks and retail stores, for example, it is of interest to un-derstand how this individual choice process works. The...

Periodic autoregressions are characterised by autoregressive structures that vary with the season. If a time series is periodically integrated, one needs a seasonally varying differencing filter to remove the stochastic trend. When the periodic regression model contains constants and trends with...

We propose a new and simple methodology to estimate the loss function associated with experts' forecasts. Under the assumption of conditional normality of the data and the forecast distribution, the asymmetry parameter of the lin-lin and linex loss function can easily be estimated using a linear...