Alternative forms of the score test for heterogeneity in a censored exponential model

Article Abstract:

An analysis of score tests for heterogeneity in a censored exponential model reveals that a test based on the derived theoretical information matrix is better than that based on the observed information matrix. The study also shows that test power decreases as the censoring time is reduced. Different versions of the censored exponential model are tested for neglected heterogeneity and tests depend on the analysis of the information matrix.

Analysis, Evaluation, Information measurement

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On fundamentals and exchange rates: a Casselian perspective

Article Abstract:

A broadened type of purchasing-power-parity condition derived equation models for three major exchange rates that incorporate meaningful long-rum equilibrium relationships and complex short-run dynamics. Fully dynamic out-of-sample predictions from these models surpass random walk model over horizons as short as 3 months. It is also proven that they are more accurate than the majority of professional forecasts.

Models, Economic research

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