In this paper; several models of exchange rate determination are applied to the Singapore-US exchange rate. A composite model, synthesising elements of the portfolio-balance and monetary models, is found to yield more satisfactory estimates and better out-of-sample forecasts than the...

Monte Carlo simulation methods are used to generate independent series with short memory in volatility. Partial sums of there short memory series are formed and the volatilities of these partial sums are tested for long memory. Aggregating series with short memory valatilities results in indices...

We show that optimal public transport subsidy is sensitive to the use of alternative user cost models, and that a model based on cost minimisation principles may lead to an improvement in subsidy estimates. For the case of homogeneous consumers and non-peaked demand, the cost minimisation user...

In the current paper, a one-sided version of a small sample correction to AIC is derived. This criterion will be based upon a two-sided model selection cretirion called AICs developed by Sugiura (1978) and studied in detail by Hurvich and Tsai (1989, 1991).