This article provides an estimation method to decompose monetary policy innovations into persistent and transitory components using the nonlinear Taylor rule proposed in Andolfatto, Hendry, and Moran (2008) [Are inflation expectations rational? Journal of Monetary Economics , 55 , 406-422]. To...

The purpose of this paper is to provide an insight into the modelling and forecasting of unknown events or shocks that can affect international tourist arrivals. Time-dependence is vital for summarising scattered findings. The usefulness of econometric forecasting has been recently confirmed by...