The purpose of this paper is to examine the usefulness of using a net discount rate (NDR) based on historical data to estimate the present value of the cost of future medical care goods and/or services. Such goods and services often comprise the largest part of the typical life-care plan....

In this paper we study the zero frequency spectral properties of fractionally cointegrated long memory processes and introduce a new frequency domain principal components estimator of the cointegration space and the factor loading matrix for the long memory factors. We find that for fractionally...