FORECASTING AIR TRAFFIC VOLUMES USING SMOOTHING TECHNIQUES

Size: px
Start display at page:

Download "FORECASTING AIR TRAFFIC VOLUMES USING SMOOTHING TECHNIQUES"

Transcription

1 JOURNAL OF AERONAUTICS AND SPACE TECHNOLOGIES JANUARY 014 VOLUME 7 NUMBER 1 (65-85) FORECASTING AIR TRAFFIC VOLUMES USING SMOOTHING TECHNIQUES Emrah ÖNDER * Isanbul Universiy, School of Business, Quaniaive Techniques Deparmen, Isanbul, Turkey emronder@gmail.com Sulan KUZU Isanbul Universiy, School of Business, Quaniaive Techniques Deparmen, Isanbul, Turkey sulan.kuzu@isanbul.edu.r Received:, nd Ocober 013 Acceped: 16 h January 014 ABSTRACT For many years, researchers have been using saisical ools o esimae parameers of macroeconomic models. Forecasing plays a major role in logisic planning and i is an essenial analyical ool in counries air raffic sraegies. In recen years, researchers are developing new echniques for esimaion. In paricular, his research focuses on he applicaion of smoohing echniques and esimaion of air raffic volume. In his sudy four air raffic indicaors including oal passenger raffic, oal cargo raffic, oal fligh raffic and commercial fligh raffic were used for forecasing. Also seasonal effecs of hese parameers were invesigaed. As analysis ools, classical ime series forecasing mehods such as moving averages, exponenial smoohing, Brown's single parameer linear exponenial smoohing, Brown s second-order exponenial smoohing, Hol's wo parameer linear exponenial smoohing and decomposiion mehods applied o air raffic volume daa beween January 007 and May 013. The sudy focuses mainly on he applicabiliy of Tradiional Time Series Analysis (Smoohing & Decomposiion Techniques). To faciliae he presenaion, an empirical example is developed o forecas Turkey s four imporan air raffic parameers. Time Series saisical heory and mehods are used o selec an adequae echnique, based on residual analysis. Keywords: Air Volume, Forecasing, Smoohing, Decomposiion, Time Series, Turkey. HAVA TRAFİK YOĞUNLUĞUNUN DÜZGÜNLEŞTİRME YÖNTEMLERİ İLE TAHMİNİ ÖZET Uzun yıllardır araşırmacılar makroekonomik modellere ai paramerelerin ahmininde isaisik araçlar kullanırlar. Tahminleme lojisik planlamada önemli bir yere sahipir ve ülkelerin hava rafik sraejilerinin belirlenmesinde kullanılan bir sayısal yönemdir. Bu araşırmada özellikle düzgünleşirme ekniklerinin uygulanabilirliği ve hava rafik yoğunluğunun ahminlenmesine odaklanılmışır. Çalışma kapsamında oplam yolcu rafiği, oplam kargo rafiği, oplam uçak rafiği ve oplam icari uçak rafiği olmak üzere dör hava rafik yoğunluğu parameresi incelenmişir. Bunun yanı sıra bu paramerelere ai mevsimsel ekiler espi edilmişir. İsaisik analiz araçları olarak harekeli oralamalar, üsel düzgünleşirme, Brown ın ek paramereli doğrusal üsel düzgünleşirme yönemi, Brown ın ikinci derece üsel düzgünleşirme yönemi, Hol un iki paramereli doğrusal üsel düzgünleşirme yönemi ve zaman serilerinin bileşenlere ayırma yönemleri gibi klasik zaman serisi yönemleri Ocak 007-Mayıs 013 döneminde gerçeklesen hava rafik yoğunluğu üzerinde uygulanmışır. Araşırmada klasik zaman serisi yönemlerinin (Düzgünleşirme ve Ayrışırma) uygulanabilirliği üzerinde durulmuşur. Uygulamada Türkiye hava rafik yoğunluğuna ai dör paramere kullanılmışır. Zaman serisi isaisiki alyapısı, meoları ve haa oralamasından yararlanılarak uygun ekniğin seçimini sağlamışır. Anahar Kelimeler: Hava Trafik Yoğunluğu, Tahminleme, Düzgünleşirme, Zaman Serileri, Türkiye. * Corresponding Auhor 65

2 1. INTRODUCTION Forecasing is he cener ool of he planning and conrol processes. The objecive of forecasing is o provide informaion ha can be used o evaluae and clarify he effecs of uncerainy abou he fuure. Thus, financial planning and resource allocaion can be done successfully. The logisics services indusry will be significanly affeced by fuure developmens hroughou he world [1]. I is esimaed ha his cenury will be dominaed by air ranspor, boh for domesic and inernaional carriage of passengers and freigh []. Air ranspor is an imporan par of logisic secor. Therefore, developing saisical analysis and forecasing ools are key elemens for long-erm sraegy developmen and decision suppor sysems for logisic decision makers. Bu here are no sufficien logisics researches abou air raffic forecasing. In his paper, we apply forecasing echniques o he air raffic daa for he fuure of he air logisics services indusry ill he year 03. The sraegic decisions of airlines involve analysis such as air raffic forecasing, he cycles of orders and deliveries, airline design [3], producion planning, research and developmen, profi cycles, airline growh and survivabiliy [4]. Alhough here are no many air raffic forecasing researches in lieraure, some of he sudies are shown below. Adrangi, e al. (001) examines he behavior of he US airline indusry s service demand using GARCH models [5]. Jonga e al. (004) develop mea-model includes forecasing and simulaion for passenger and freigh ranspor in Europe [6]. Masumoo s research (004) examines inernaional urban sysems from he sandpoin of inernaional air raffic flows and analyzes he paerns of inernaional air passenger and cargo flows wihin and among he Asian, European and American regions from 198 o 1998 [7]. This paper s resuls reveal ha Tokyo, Hong Kong and Singapore in Asia, London, Paris, Frankfur and Amserdam in Europe and New York and Miami in he US are srenghening heir posiions as inernaional hubs. Lee (009) proposed a modified social nework analysis model for use in he examinaion of he inernaional air nework by esimaing conneciviy of he air roues, using he air raffic and he number of air roues [8]. Wih analyzing daa, i was observed ha London, Paris, Frankfur, Amserdam, and New York were firs class ciies ha were a he op in boh years. Hui e al. (004) provides an analysis of China s air cargo flows idenifies major air ranspor hubs in China and examines cargo movemens beween hem [9]. Their paper shows overall saisics on China s aviaion and describes air cargo rends in China. Hwang and Shiao (011) develop a graviy model of air cargo flows based on he panel daa of air cargo services on scheduled roues a Taiwan Taoyuan Inernaional Airpor during he years [10]. Their resuls indicae ha populaion, air freigh rae and hree dummy variables, including he regional economic bloc of he Chinese Circle (an informal parnership beween Hong Kong, Macao, Taiwan and mainland China), he Open Sky Agreemens and long esablished colonial links, are key deerminans of inernaional air cargo flows from/o Taiwan. Mason (005) addresses he inexorable decline in yield in he airline indusry regarding he exernal shocks o he indusry of he erroris aacks of 9/11/001 [11], wars in Afghanisan and he Arabian Gulf and SARS. She emphasizes hese negaive facors have downward impacs on he demand for air ravel. Mahiessen (004) focuses on he inernal and exernal accessibiliy of he Balic Sea Area represened by air ranspor and discusses he challenges of hub and gaeway developmen [1]. Sengupa e al. (011) described developmen of a decision suppor sysem ha uses real ime rack daa o esimae saisical parameers describing he sochasic air raffic flow [13]. Onder and Hasgul (009) used radiional ime series analysis and Box Jenkins models and arificial neural nework forecasing mehod o forecas inernaional ourism arrivals o Turkey for based on daa period [14]. They found ha Winer s seasonal exponenial smoohing echnique and arificial neural neworks are wo successful esimaor mehods for regarding monhly ime series daa. Carson e al. (011) analyze wheher i is beer o forecas air ravel demand using aggregae daa a a naional level, or o aggregae he forecass derived for individual airpors using airpor-specific daa [3].. TRADITIONAL TIME SERIES TECHNIQUES In his sudy, wo differen radiional ime series mehods including decomposiion mehods and smoohing mehods were applied o he macro economic daa for forecasing. The mehods and regarding formulas are shown in his secion. The noaion of Orhunbilge (1999) is used o explain he ime series mehods [15]..1. Decomposiion Mehods Decomposiion mehods are using for deermining secular rend, seasonal variaion, conjuncure (cyclical variaion) and random flucuaion (irregular variaion) componens in ime series. I his sudy annual daa was used. Therefore 3 imporan rend funcion including linear, quadraic and growh were menioned in his par of his sudy Leas Squares Mehod for Deermining Trend Leas square mehod is one of he popular mehod for deermining rend. X is he ime variable (year, monh, ec.) in y f( x) funcion. If he he sum of he ime series variable (X) is idenified as zero he esimaion values of model parameers can be shown 66

3 as he following formulas. The rend of y can be deermined by leas squares mehod. I is no easy o decide which funcion we should use as a rend. By rying several funcions and finding minimum sum of squares of residuals, he suiable rend funcions can be found. n n e y y min (1) Linear Trend Funcion The linear rend funcion is shown as below: y abx e () When he leas squares mehod is applied he linear rend funcion, he equaions below are obained. n n n e y y y abx (3) For deermining he minimum of his funcion he firs level derivaives should be done regarding o a and b parameers. y nab x (4) xy a xb x (5) By solving hese equaions he parameers a and be can be found as follows: y na b x c x (11) 3 xy a x b x c x (1) 3 4 x y a x b x c x (13) b xy x (14).1.4. Growh Trend Funcion If he change of he y variable is nearly consan in ime, growh rend funcion can be used for his kind of daa. The growh rend funcion is shown below. x y ab e n (15) n e log y log y (16) 1 1 n log y log a xlog b 0 (17) 1 log y nlog alog b x (18) x log y log a xlog b x (19) log y log a (0) n log b x log y x (1) log y log a xlog b () y a (6) n b xy x (7).1.3. Quadraic Trend Funcion If he observed daa has a curved figure (in quadraic rend funcion he mean of he daa is increasing firs han sar decreasing or reverse) han quadraic rend funcion can be used. y abxcx e (8) n n e y y (9) 1 1 n 1 y a bx cx 0 (10) Firs order derivaives of he equaion according o a, b and c parameers should be solved for wriing he quadraic rend funcion wih using leas squares mehod. The equaions below are he normal equaions. Three unknown can be found by solving hese hree equaions... Smoohing Mehods Random or/and coincidenal flucuaions in weekly, monhly, seasonal or annual ime series daa can be removed or sofened by smoohing mehods. Six smoohing mehods including single moving averages, Brown s simple exponenial smoohing mehod, linear moving averages, Brown s linear exponenial smoohing mehods wih single parameer, Hol s linear exponenial smoohing wih wo parameers and Brown s quadraic exponenial smoohing mehods are menioned in his par of he sudy [5]...1. Single Moving Averages Esimaion can be done by using arihmeic mean of number of cerain (k) prior period of daa. Single moving average mehod gives he same imporance level o he pas daa for esimaing fuure values. y 1 ( y y y ) 1 k1 k 1 (3) y y 1 i k i k1 (4) y y k y y 1 k k (5) 67

4 ... Brown s Simple Exponenial Smoohing Mehod I is a suiable mehod for ime series ha y1, y,, yn has no significan rend or seasonal flucuaions. y is he esimaion value for he ime. y 1is he observaion daa for he ime -1. is a smoohing consan. The consan has he value beween 0 and 1. y y (1 ) y (6) 1 1 y y ( y y ) (7) y y e (8) Linear Moving Averages When moving averages mehod is applied he daa which has a significan rend, esimaions are always remains lower han acual values. To deal wih his siuaion Linear Moving Averages mehod was developed. The main idea of his mehod is he calculaion of second moving average. y y y y y 1 k1 k (9) y y y y 1 k1 y (30) k a y( y y) y y (31) b ( y y ) k 1 (3) yˆ m a bm (33) The coefficien m is he forecas period o be esimaed...4. Brown s Linear Exponenial Smoohing Mehod wih Single Parameer Brown s Linear Exponenial Smoohing Mehod wih single parameer has some similariies wih linear moving averages mehod. Bu he difference beween firs and second smoohing values is added ino he firs smoohing value y y y (34) y y y (35) a y y y y y (36) b y y 1 (37) yˆ m a bm (38)..5. Hol s Linear Exponenial Smoohing Mehod wih Two Parameer I seems similar o previous mehod (Brown s Linear Exponenial Smoohing Mehod wih Single Parameer). Bu in Hol s Linear Exponenial Smoohing Mehod second smoohing is no used. Trend values are smoohed direcly. This adds flexibiliy ino he mehod. The parameers and have he values beween 0 and y y y b (39) b y y b (40) 1 1 y y bm (41) ˆ m The parameers and are he smoohing consans. These parameers should be opimized for minimizing he sum of error squares...6. Brown s Quadraic Exponenial Smoohing Mehod When he ime series are curved shape (quadraic, hird order or more) Brown s quadraic exponenial smoohing echnique is suiable for esimaion. Third parameer is added o he model. The equaions for quadraic exponenial smoohing are below: y y y (4) yy y (43) yy y (44) a 3y 3y y (45) b 65 y 108 y 43 y 1 (46) c y y y 1 Esimaion equaion can be shown as below: 1 yˆ a bm cm (47) (48) m The selecion of α coefficien can be done as he selecion in previous mehods. 3. SEASONAL VARIATIONS OF PARAMETERS In his sudy Passenger/ Freigh/ Flighs saisical daa in Turkey is exraced from he isaisik.aspx. Daa are grouped by monhs and years in his web sie. They are no caegorized by airpors. Therefore many Excel files were merged for obaining airpor based daa. 68

5 Table 1. Seasonal Indexes of Passenger/Freigh/Toal Aircraf/Commercial Aircraf in Turkey. Parameer Type Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec Passenger Freigh Toal Aircraf Commercial Aircraf Domesic Inernaional Toal Domesic Inernaional Toal Domesic Inernaional Toal Domesic Inernaional Toal Seasonal variaions are paerns of change in a ime series wihin a period of ime. These paerns end o repea hemselves each period.the reason of hese variaions can be naure or human being. There are hree imporan reasons for invesigaing seasonal variaions. Shor erm variaions can be explained, shor erm forecasing can be possible and seasonal effecs can be disinguished from ime series. Table. Seasonal Index of Domesic Passengers of Top 15 Airpors in Turkey. Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec ATATÜRK SABIHA GÖKÇEN ESENBOĞA ADNAN MENDERES ANTALYA ADANA TRABZON DİYARBAKIR MİLAS BODRUM GAZİANTEP SAMSUN ÇARŞAMBA VAN F.MELEN KAYSERİ ERZURUM DALAMAN New and innovaive projecs and sraegies should be organized o increase he capaciy of airpors including Aaürk, Sabiha Gokcen, Esenboga, Adnan Menderes and Analya Airpors for meeing esimaed demand for he nex 10 years due o Fig 1, Fig, Fig 3, Fig 4, Fig 5, Fig 6 and Fig 7. 69

6 Figure 1. Toal Domesic Passengers of Top 15 Airpors in Turkey beween Jan-008 and June-013. Table 3. Seasonal Index of Inernaional Passengers of Top 15 Airpors in Turkey. Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec ATATÜRK ANTALYA SABIHA GÖKÇEN DALAMAN ADNAN MENDERES MİLAS BODRUM ESENBOĞA ADANA KAYSERİ GAZİANTEP HATAY SAMSUN ÇARŞAMBA TRABZON KONYA NEVŞEHİR-KAPADOKYA

7 Figure. Toal Inernaional Passengers of Top 15 Airpors in Turkey beween Jan-008 and June-013. Table 4. Seasonal Index of Domesic Cargo of Top 15 Airpors in Turkey. Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec ATATÜRK ANTALYA A.MENDERES SABIHA GÖKÇEN ESENBOĞA ADANA TRABZON DİYARBAKIR MİLAS-BODRUM GAZİANTEP KAYSERİ VAN F.MELEN SAMSUN ÇARŞAMBA DALAMAN ERZURUM

8 Figure 3. Toal Domesic Cargo of Top 15 Airpors in Turkey beween Jan-008 and June-013 (Uni: Ton). Table 5. Seasonal Index of Inernaional Cargo of Top 15 Airpors in Turkey. Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec ATATÜRK ANTALYA SABIHA GÖKÇEN DALAMAN ADNAN MENDERES ESENBOĞA MİLAS-BODRUM TEKİRDAĞ/ ÇORLU ADANA KAYSERİ GAZİANTEP TRABZON SAMSUN ÇARŞAMBA KONYA BURSA-YENİŞEHIR

9 Figure 4. Toal Inernaional Cargo of Top 15 Airpors in Turkey beween Jan-008 and June-013 (Uni: Ton). 4. FORECASTING Smoohing mehods have good shor-erm accuracy. Also heir simpliciy is one of he oher advanages. Large amoun of hisorical daa are no required. However in smoohing mehods choosing smoohing coefficien (α and/or γ) properly is very imporan. I affecs he qualiy of forecasing. For deermining hese coefficiens Excel Solver ool is used. The daa in his sudy is more convenien o curve esimaion ool of SPSS 13 package program. For mehod selecion process average squares of residuals are used. Mehods wih minimum average squares of residuals are seleced for boh curve esimaion and smoohing. In curve esimaion, for all hree variables (Passenger, Fligh, Freigh ) cubic curve esimaion mehods are seleced for forecasing. In Appendix 1, deails of mehod selecion process can be seen for all variables. For insance, in his able (Appendix 1A) minimum error square of passenger raffic variable is 4,905,51,5,046 (cubic curve esimaion s average squares of residuals). Cubic curve esimaion mehod also was seleced for Fligh and Freigh variables. In smoohing mehods, Hol s Linear Exponenial Smoohing Mehod wih Two Parameer mehod is seleced for Passenger variable, Brown s Linear Exponenial Smoohing Mehod wih Single Parameer mehod is seleced for Fligh and Linear Moving Averages mehod is seleced for Freigh. Air ranspor is he mos imporan medium for long disance ranspor of passengers and freighs and has sraegic significance for global accessibiliy [6]. The saisics already presened show ha he las 10 years (00-01) has seen significan developmen occur in he airline indusry. This increase in domesic and inernaional raffic may be due o eiher falling prices in all produc classes or increase number of airpors/ airplane firms ec. Aviaion secor in Turkey has shown a remendous growh in air ravel demand and in he number of flighs in las decade ha can be seen in Table 6, Table 8 and Table

10 Table 6. Domesic and Inernaional Passenger Esimaion in Turkey (Curve Esimaion: Cubic). Passenger Saisics in All Airpors of Turkey during Passenger Esimaions in All Airpors of Turkey for Year Passenger Passenger (Domesic) Passenger (Inernaional) 00 33,783,89 8,79,79 5,054, ,443,655 9,147,439 5,96, ,057,371 14,460,864 30,596, ,57,46 0,59,469 35,04, ,655,659 8,774,857 3,880, ,96,53 31,949,341 38,347, ,438,89 35,83,776 43,605, ,508,508 41,6,959 44,81, ,800,39 50,575,46 5,4, ,60,469 58,58,34 59,36, ,351,60 64,71,316 65,630, ,773,33 73,1,450 75,650, ,67,019 81,78,874 86,889, ,071,88 90,967, ,104, ,19, ,693,66 115,499, ,57, ,979, ,78, ,488,585 11,845,14 153,643, ,106,00 133,307,58 176,798, ,33, ,385,313 0,947, ,388, ,096,730 3,9, ,497, ,460,158 65,036, ,878,73 185,493,91 301,384,811 Figure 5. Domesic and Inernaional Passenger Esimaion in Turkey (Curve Esimaion: Cubic). 74

11 Table 7. Domesic and Inernaional Passenger Esimaion in Turkey (Hol s Linear Exponenial Smoohing Mehod wih Two Parameer). Year Passenger Passenger (Domesic) Passenger (Inernaional) Passenger Saisics in All Airpors of Turkey during Passenger Esimaions in All Airpors of Turkey for ,783,89 8,79,79 5,054, ,443,655 9,147,439 5,96, ,057,371 14,460,864 30,596, ,57,46 0,59,469 35,04, ,655,659 8,774,857 3,880, ,96,53 31,949,341 38,347, ,438,89 35,83,776 43,605, ,508,508 41,6,959 44,81, ,800,39 50,575,46 5,4, ,60,469 58,58,34 59,36, ,351,60 64,71,316 65,630, ,708,11 71,671,5 7,036, ,043,73 78,608,988 78,434, ,379,344 85,546,75 84,83, ,714,956 9,484,46 91,30, ,050,567 99,4,198 97,68, ,386, ,359, ,06, ,71, ,97,67 110,44, ,057,40 10,35, ,81, ,393,014 17,173,145 13,19, ,78,65 134,110,88 19,617, ,064,37 141,048, ,015,619 Figure 6. Domesic and Inernaional Passenger Esimaion in Turkey (Hol s Linear Exponenial Smoohing Mehod wih Two Parameer). 75

12 Table 8. Domesic and Inernaional Fligh Esimaion in Turkey (Curve Esimaion: Cubic). Fligh Saisics in All Airpors of Turkey during Fligh Esimaions in All Airpors of Turkey for Year Fligh Fligh (Domesic) Fligh (Inernaional) , ,953 18, , ,58 18, , ,07 53, ,980 65,113 86, , ,6 86, , ,177 33, , , , , ,4 369, , ,86 41, ,04, ,488 46, ,093, ,818 49, ,06, ,09 541, ,313,183 73,08 590, ,45,177 78,6 64, ,54,706 84, , ,665, , , ,794, ,396 87, ,99,800 1,031, ,390 00,070,766 1,096, ,31 01,17,915 1,16,458 1,055,458 0,371,377 1,9,350 1,14,07 03,531,8 1,97,06 1,34,0 Figure 7. Domesic and Inernaional Fligh Esimaion in Turkey (Curve Esimaion: Cubic). 76

13 Table 9. Domesic and Inernaional Fligh Esimaion in Turkey (Brown s Linear Exponenial Smoohing Mehod wih Single Parameer). Year Fligh Fligh (Domesic) Fligh (Inernaional) Fligh Saisics in All Airpors of Turkey during Fligh Esimaions in All Airpors of Turkey for , ,953 18, , ,58 18, , ,07 53, ,980 65,113 86, , ,6 86, , ,177 33, , , , , ,4 369, , ,86 41, ,04, ,488 46, ,093, ,818 49, ,145,173 63,353 51, ,197,91 645,88 551, ,49, , , ,301,58 690, , ,353, , , ,405, , , ,457, ,55 699, ,510,00 781,054 78, ,56,10 803, , ,614,38 86,11 788, ,666, , ,717 Figure 8. Domesic and Inernaional Fligh Esimaion in Turkey (Brown s Linear Exponenial Smoohing Mehod wih Single Parameer). 77

14 Table 10. Domesic and Inernaional Freigh Esimaion in Turkey (Curve Esimaion: Cubic). Freigh Saisics in All Airpors of Turkey during Freigh Esimaions in All Airpors of Turkey for Year Freigh Freigh (Domesic) Freigh (Inernaional) , ,6 715, , , , ,164,349 6, , ,304,41 34, , ,360, ,06 971, ,546, ,94 1,131, ,644,014 44,555 1,19, ,76, ,833 1,41,51 010,01, ,710 1,466, ,49, ,834 1,631,639 01,49, ,076 1,616, ,493, ,349 1,797,36 014,681, ,44 1,931, ,878, ,391,071, ,085, ,69,17, ,300, ,767,368, ,56,49 1,000,058,56, ,76,13 1,073,007,689, ,008,68 1,151,056,857, ,66,313 1,34,644 3,031, ,535,401 1,34,15 3,11, ,816,331 1,40,08 3,396,1 Figure 9. Domesic and Inernaional Freigh Esimaion in Turkey (Curve Esimaion: Cubic). 78

15 Table 11. Domesic and Inernaional Freigh Esimaion in Turkey (Linear Moving Averages). Year Freigh Freigh (Domesic) Freigh (Inernaional) Freigh Saisics in All Airpors of Turkey during Freigh Esimaions in All Airpors of Turkey for , ,6 715, , , , ,164,349 6, , ,304,41 34, , ,360, ,06 971, ,546, ,94 1,131, ,644,014 44,555 1,19, ,76, ,833 1,41,51 010,01, ,710 1,466, ,49, ,834 1,631,639 01,49, ,076 1,616, ,540,14 710,710 1,89, ,73,57 765,18 1,958, ,907,01 819,547,087, ,090, ,965,16, ,73,918 98,383,345, ,457,366 98,80,474, ,640,814 1,037,0,603, ,84,63 1,091,638,73, ,007,711 1,146,057,861, ,191,159 1,00,475,990, ,374,608 1,54,893 3,119,715 Figure 10. Domesic and Inernaional Freigh Esimaion in Turkey (Linear Moving Averages). 79

16 5. CONCLUSION AND SUGGESTIONS Forecasing echniques are imporan ools in operaional managemen for creaing realisic expecaions. In lieraure many differen echniques in he area of saisics and arificial inelligence were proposed for achieving close esimaions. In his sudy, cubic curve esimaion mehod is seleced for forecasing Passenger, Fligh and Freigh variables. The reason of his is cubic curve esimaion mehod has higher order polynomial funcion han oher curve fiing mehods. Therefore i has more coefficiens and his decreases he average squares of residuals. Also in smoohing mehods, Hol s Linear Exponenial Smoohing Mehod wih Two Parameer is seleced for Passenger variable, Brown s Linear Exponenial Smoohing Mehod wih Single Parameer is seleced for Fligh variable and Linear Moving Averages mehod is seleced for Freigh variable. Aviaion secor in Turkey has shown a remendous growh in air ravel demand and in he number of flighs in las decade. Airpor planning includes capaciy, local and global planning, aviaion raffic forecasing, and airspace planning. One of he imporan saisical ools of capaciy planning is obaining seasonal indexes of all airpors. For insance Milas Bodrum Airpor has inernaional passenger seasonal indexes of 1.8 for March and 54.3 for Augus. These seasonal airpors can be effecive when hey maximize heir produciviy wih accurae capaciy planning using quaniaive echniques. The seasonal index can also be used o derive an improved, seasonally adjused forecas for logisic demands. Wih Aaurk Airpor and Sabiha Gokcen Airpor Isanbul is one of he mos imporan air hub ciies in he world. Also hird airpor of Isanbul will be consruced including six runways, 16 axiways, 88 passenger bridges, 165 aircraf passenger bridges a all erminals and a 6.5 million-square-meer apron wih capaciy for 500 aircraf.. Once all six of he planned runways are complee, he capaciy is expeced o increase o 150 million passengers, one of he world s larges in erms of he passenger capaciy a full capaciy. When we check he forecasing numbers he hird airpor is necessary for Isanbul. 6. REFERENCES [1] Grach, H.A. and Darkow, I.L., (010). Scenarios for he logisics services indusry: A Delphibased analysis for 05, In. J. Producion Economics 17, [] Charles, M.B., Barnes, P., Ryanb, N. and Clayon, J., (007). Airpor fuures: Towards a criique of he aeroropolis model, Fuures 39, [3] Carson, R.T., Cenesizoglu, T. and Parker, R., (011).Forecasing (aggregae) demand for US commercial air ravel, Inernaional Journal of Forecasing 7, [4] China,A.T.H., Tay, J.H., (001). Developmens in air ranspor: implicaions on invesmen decisions, profiabiliy and survival of Asian airlines, Journal of Air Transpor Managemen 7, [5] Adrangi, B., Charah, A. and Raffiee, K., (001). The demand of US air ranspor service: a chaos and nonlineariy invesigaion, Transporaion Research, Par E, 37, [6] Jonga, G., Gunnc, H. and Akiva, M.B., (004). A mea-model for passenger and freigh ranspor in Europe Transpor Policy 11, [7] Masumoo, H., (004). Inernaional urban sysems and air passenger and cargo flows: some calculaions, Journal of Air Transpor Managemen 10, [8] Lee, H. S., (009). The neworkabiliy of ciies in he inernaional air passenger flows Journal of Transpor Geography 17, [9] Hui, G W. L., Hui, Y. V. and Zhang, A., (004). Analyzing China s air cargo flows and daa. Journal of Air Transpor Managemen 10, [10] Hwang, C. C., Shiao, G. C., (011). Analyzing air cargo flows of inernaional roues: an empirical sudy of Taiwan Taoyuan Inernaional Airpor. Journal of Transpor Geography 19, [11] Mason, K.J., (005). Observaions of fundamenal changes in he demand for aviaion services. Journal of Air Transpor Managemen 1, 19 5 [1] Mahiessen, C.W., (004). Inernaional air raffic in he Balic Sea Area: Hub-gaeway saus and prospecs. Copenhagen in focus. Journal of Transpor Geography 1, [13] Sengupa, P., Tandale, M., Cheng, V., Menon, P., (011).Air Esimaion and Decision Suppor for Sochasic Flow Managemen, American Insiue of Aeronauics and Asronauics Guidance, Navigaion, and Conrol Conference, 8-11 Augus 011, Porland, Oregon [14] Önder, E., Hasgül, O., 009. Time Series Analysis wih Using Box Jenkins Models and Arificial Neural Nework for Forecasing Number of Foreign Visiors. Journal of Insiue of Business Adminisraion - Yöneim (0), 6, 6-83 [15] Orhunbilge, N., 1999, Time Series Analysis, Forecasing and Price Index. Isanbul Universiy, School of Business Press, Publicaion No: 77, (In Turkish) 80

17 [16] ( ) VITAE Emrah ÖNDER He graduaed as an elecronic engineer from I.U. Elecronic Engineering Deparmen, and received a MSc and PhD degree from he I.U. School of Business, Deparmen of Quaniaive Mehods. He also received MBA diploma from Ball Sae Universiy, Indiana/USA. He is currenly a research and eaching assisan of I.U. School of Business. His dominan scienific ineres focuses on: quaniaive mehods. Sulan KUZU She graduaed from Anadolu Universiy, Business Faculy and received a BSc and MSc in Mahemaics Teacher Educaion in Marmara Universiy, Aaurk Educaion Faculy. She is currenly a research and eaching assisan and PhD suden of I.U. School of Business. Her dominan scienific ineres focuses on: saisics. 81

18 APPENDIX 1 A. Model selecion using average squares of residuals (Passenger ) Mehod Parameers Average (e ) Selecion Linear Consan 16,060, β 1 9,694, β β 3 3,45,605,105,80 Logarihmic Consan 11,73, β 1 39,78, β β 3 184,449,05,03,090 Inverse Consan 98,004, β 1-86,599, β β 3 466,148,83,099,064 Quadraic Consan 8,40, β 1 3,998, β 474, β 3 5,671,615,054, Curve Esimaion Cubic Consan 4,369, β 1 7,330, β -190, β ,905,51,5,046 Seleced Compound Consan 9,47, β β β 3 8,583,577,33,59 Power Consan 6,5, β β β 3 84,896,370,558,36 S Consan β β β 3 384,538,387,801,016 Growh Consan β β β 3 8,583,577,33,59 Exponenial Consan 9,47, β β β 3 8,583,577,33,59 Single Moving Averages 446,755,763,0,740 Brown s Simple Exponenial Smoohing Mehod 0.010,695,38,614,09,580 Linear Moving Averages 7,637,885,504,08. Smoohing Brown s Linear Exponenial Smoohing Mehod wih Single Parameer ,574,775,683,477 Hol s Linear Exponenial Smoohing Mehod wih Two Parameer ,844,8,909,517 Seleced Brown s Quadraic Exponenial Smoohing Mehod ,610,613,734,751 8

19 APPENDIX 1 B. Model selecion using average squares of residuals (Fligh ) Mehod Parameers Average (e ) Selecion Linear Consan 45, β 1 74, β β 3 993,580,0 Logarihmic Consan 06, β 1 307, β β 3 9,450,003,643 Inverse Consan 883, β 1-684, β β 3 6,193,439,739 Quadraic Consan 304, β 1 48, β, β 3 599,010,34 1. Curve Esimaion Cubic Consan 301, β 1 49, β 1, β ,748,63 Seleced Compound Consan 331, β β β 3 964,87,8 Power Consan 301, β β β 3 4,587,184,376 S Consan β β β 3 1,645,856,879 Growh Consan β β β 3 964,87,8 Exponenial Consan 331, β β β 3 964,87,8 Single Moving Averages 6,465,530,814 Brown s Simple Exponenial Smoohing Mehod ,461,36,04 Linear Moving Averages,531,5,630. Smoohing Brown s Linear Exponenial Smoohing Mehod wih Single Parameer 0.990,7,454,50 Seleced Hol s Linear Exponenial Smoohing Mehod wih Two Parameer ,51,419,185 Brown s Quadraic Exponenial Smoohing Mehod 0.4,908,780,83 83

20 APPENDIX 1 C. Model selecion using average squares of residuals (Freigh ) Mehod Parameers Average (e ) Selecion Linear Consan 705, β 1 141, β β 3 3,791,439,16 Logarihmic Consan 60, β 1 588,64.09 β β 3 30,050,753,944 Inverse Consan 1,93, β 1-1,336, β β 3 86,568,675,890 Quadraic Consan 784, β 1 105, β 3, β 3 3,075,499, Curve Esimaion Cubic Consan 777, β 1 111,65.56 β 1, β ,073,180,63 Seleced Compound Consan 845, β β β 3 4,61,86,95 Power Consan 777,44.30 β β β 3 15,961,066,1 S Consan β β β 3 71,889,35,380 Growh Consan β β β 3 4,61,86,95 Exponenial Consan 845, β β β 3 4,61,86,95 Single Moving Averages 90,51,0,919 Brown s Simple Exponenial Smoohing Mehod ,080,67,793 Linear Moving Averages (k=3) 10,478,903,14 Seleced. Smoohing Brown s Linear Exponenial Smoohing Mehod wih Single Parameer ,176,570,816 Hol s Linear Exponenial Smoohing Mehod wih Two Parameer ,8,609,810 Brown s Quadraic Exponenial Smoohing Mehod ,468,59,780 84

Chapter 8 Student Lecture Notes 8-1

Chapter 8 Student Lecture Notes 8-1 Chaper Suden Lecure Noes - Chaper Goals QM: Business Saisics Chaper Analyzing and Forecasing -Series Daa Afer compleing his chaper, you should be able o: Idenify he componens presen in a ime series Develop

More information

COMPARISON OF AIR TRAVEL DEMAND FORECASTING METHODS

COMPARISON OF AIR TRAVEL DEMAND FORECASTING METHODS COMPARISON OF AIR RAVE DEMAND FORECASING MEHODS Ružica Škurla Babić, M.Sc. Ivan Grgurević, B.Eng. Universiy of Zagreb Faculy of ranspor and raffic Sciences Vukelićeva 4, HR- Zagreb, Croaia skurla@fpz.hr,

More information

Hotel Room Demand Forecasting via Observed Reservation Information

Hotel Room Demand Forecasting via Observed Reservation Information Proceedings of he Asia Pacific Indusrial Engineering & Managemen Sysems Conference 0 V. Kachivichyanuul, H.T. Luong, and R. Piaaso Eds. Hoel Room Demand Forecasing via Observed Reservaion Informaion aragain

More information

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR

MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR MACROECONOMIC FORECASTS AT THE MOF A LOOK INTO THE REAR VIEW MIRROR The firs experimenal publicaion, which summarised pas and expeced fuure developmen of basic economic indicaors, was published by he Minisry

More information

The naive method discussed in Lecture 1 uses the most recent observations to forecast future values. That is, Y ˆ t + 1

The naive method discussed in Lecture 1 uses the most recent observations to forecast future values. That is, Y ˆ t + 1 Business Condiions & Forecasing Exponenial Smoohing LECTURE 2 MOVING AVERAGES AND EXPONENTIAL SMOOTHING OVERVIEW This lecure inroduces ime-series smoohing forecasing mehods. Various models are discussed,

More information

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES

USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES USE OF EDUCATION TECHNOLOGY IN ENGLISH CLASSES Mehme Nuri GÖMLEKSİZ Absrac Using educaion echnology in classes helps eachers realize a beer and more effecive learning. In his sudy 150 English eachers were

More information

INTRODUCTION TO FORECASTING

INTRODUCTION TO FORECASTING INTRODUCTION TO FORECASTING INTRODUCTION: Wha is a forecas? Why do managers need o forecas? A forecas is an esimae of uncerain fuure evens (lierally, o "cas forward" by exrapolaing from pas and curren

More information

A New Type of Combination Forecasting Method Based on PLS

A New Type of Combination Forecasting Method Based on PLS American Journal of Operaions Research, 2012, 2, 408-416 hp://dx.doi.org/10.4236/ajor.2012.23049 Published Online Sepember 2012 (hp://www.scirp.org/journal/ajor) A New Type of Combinaion Forecasing Mehod

More information

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas

The Greek financial crisis: growing imbalances and sovereign spreads. Heather D. Gibson, Stephan G. Hall and George S. Tavlas The Greek financial crisis: growing imbalances and sovereign spreads Heaher D. Gibson, Sephan G. Hall and George S. Tavlas The enry The enry of Greece ino he Eurozone in 2001 produced a dividend in he

More information

DEMAND FORECASTING MODELS

DEMAND FORECASTING MODELS DEMAND FORECASTING MODELS Conens E-2. ELECTRIC BILLED SALES AND CUSTOMER COUNTS Sysem-level Model Couny-level Model Easside King Couny-level Model E-6. ELECTRIC PEAK HOUR LOAD FORECASTING Sysem-level Forecas

More information

Morningstar Investor Return

Morningstar Investor Return Morningsar Invesor Reurn Morningsar Mehodology Paper Augus 31, 2010 2010 Morningsar, Inc. All righs reserved. The informaion in his documen is he propery of Morningsar, Inc. Reproducion or ranscripion

More information

Planning Demand and Supply in a Supply Chain. Forecasting and Aggregate Planning

Planning Demand and Supply in a Supply Chain. Forecasting and Aggregate Planning Planning Demand and Supply in a Supply Chain Forecasing and Aggregae Planning 1 Learning Objecives Overview of forecasing Forecas errors Aggregae planning in he supply chain Managing demand Managing capaciy

More information

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand

Market Liquidity and the Impacts of the Computerized Trading System: Evidence from the Stock Exchange of Thailand 36 Invesmen Managemen and Financial Innovaions, 4/4 Marke Liquidiy and he Impacs of he Compuerized Trading Sysem: Evidence from he Sock Exchange of Thailand Sorasar Sukcharoensin 1, Pariyada Srisopisawa,

More information

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005

Measuring macroeconomic volatility Applications to export revenue data, 1970-2005 FONDATION POUR LES ETUDES ET RERS LE DEVELOPPEMENT INTERNATIONAL Measuring macroeconomic volailiy Applicaions o expor revenue daa, 1970-005 by Joël Cariolle Policy brief no. 47 March 01 The FERDI is a

More information

Hedging with Forwards and Futures

Hedging with Forwards and Futures Hedging wih orwards and uures Hedging in mos cases is sraighforward. You plan o buy 10,000 barrels of oil in six monhs and you wish o eliminae he price risk. If you ake he buy-side of a forward/fuures

More information

Time-Series Forecasting Model for Automobile Sales in Thailand

Time-Series Forecasting Model for Automobile Sales in Thailand การประช มว ชาการด านการว จ ยด าเน นงานแห งชาต ประจ าป 255 ว นท 24 25 กรกฎาคม พ.ศ. 255 Time-Series Forecasing Model for Auomobile Sales in Thailand Taweesin Apiwaanachai and Jua Pichilamken 2 Absrac Invenory

More information

Performance Center Overview. Performance Center Overview 1

Performance Center Overview. Performance Center Overview 1 Performance Cener Overview Performance Cener Overview 1 ODJFS Performance Cener ce Cener New Performance Cener Model Performance Cener Projec Meeings Performance Cener Execuive Meeings Performance Cener

More information

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac.

Course Outline. Course Coordinator: Dr. Tanu Sharma Assistant Professor Dept. of humanities and Social Sciences Email:tanu.sharma@juit.ac. Course Name : HUMAN RESOURCE MANAGEMENT Course Code: 10B1WPD75 Course Credi: (-0-0) Semeser: VII Course Type: Elecive (All B. Tech. sudens) Deparmen: Humaniies and Social Sciences Course Coordinaor: Dr.

More information

Chapter 8: Regression with Lagged Explanatory Variables

Chapter 8: Regression with Lagged Explanatory Variables Chaper 8: Regression wih Lagged Explanaory Variables Time series daa: Y for =1,..,T End goal: Regression model relaing a dependen variable o explanaory variables. Wih ime series new issues arise: 1. One

More information

ANALYSIS FOR FINDING AN EFFICIENT SALES FORECASTING METHOD IN THE PROCESS OF PRODUCTION PLANNING, OPERATION AND OTHER AREAS OF DECISION MAKING

ANALYSIS FOR FINDING AN EFFICIENT SALES FORECASTING METHOD IN THE PROCESS OF PRODUCTION PLANNING, OPERATION AND OTHER AREAS OF DECISION MAKING Inernaional Journal of Mechanical and Producion Engineering Research and Developmen (IJMPERD ) Vol.1, Issue 2 Dec 2011 1-36 TJPRC Pv. Ld., ANALYSIS FOR FINDING AN EFFICIENT SALES FORECASTING METHOD IN

More information

Chapter 6: Business Valuation (Income Approach)

Chapter 6: Business Valuation (Income Approach) Chaper 6: Business Valuaion (Income Approach) Cash flow deerminaion is one of he mos criical elemens o a business valuaion. Everyhing may be secondary. If cash flow is high, hen he value is high; if he

More information

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments

BALANCE OF PAYMENTS. First quarter 2008. Balance of payments BALANCE OF PAYMENTS DATE: 2008-05-30 PUBLISHER: Balance of Paymens and Financial Markes (BFM) Lena Finn + 46 8 506 944 09, lena.finn@scb.se Camilla Bergeling +46 8 506 942 06, camilla.bergeling@scb.se

More information

Measuring the Effects of Exchange Rate Changes on Investment. in Australian Manufacturing Industry

Measuring the Effects of Exchange Rate Changes on Investment. in Australian Manufacturing Industry Measuring he Effecs of Exchange Rae Changes on Invesmen in Ausralian Manufacuring Indusry Robyn Swif Economics and Business Saisics Deparmen of Accouning, Finance and Economics Griffih Universiy Nahan

More information

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS

DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS DYNAMIC MODELS FOR VALUATION OF WRONGFUL DEATH PAYMENTS Hong Mao, Shanghai Second Polyechnic Universiy Krzyszof M. Osaszewski, Illinois Sae Universiy Youyu Zhang, Fudan Universiy ABSTRACT Liigaion, exper

More information

Usefulness of the Forward Curve in Forecasting Oil Prices

Usefulness of the Forward Curve in Forecasting Oil Prices Usefulness of he Forward Curve in Forecasing Oil Prices Akira Yanagisawa Leader Energy Demand, Supply and Forecas Analysis Group The Energy Daa and Modelling Cener Summary When people analyse oil prices,

More information

ECONOMETRIC MODELLING AND FORECASTING OF FREIGHT TRANSPORT DEMAND IN GREAT BRITAIN

ECONOMETRIC MODELLING AND FORECASTING OF FREIGHT TRANSPORT DEMAND IN GREAT BRITAIN ECONOMETRIC MODELLING AND FORECASTING OF FREIGHT TRANSPORT DEMAND IN GREAT BRITAIN Shujie Shen, Tony Fowkes, Tony Whieing and Daniel Johnson Insiue for Transpor Sudies, Universiy of Leeds, Leeds, UK, LS2

More information

Forecasting. Including an Introduction to Forecasting using the SAP R/3 System

Forecasting. Including an Introduction to Forecasting using the SAP R/3 System Forecasing Including an Inroducion o Forecasing using he SAP R/3 Sysem by James D. Blocher Vincen A. Maber Ashok K. Soni Munirpallam A. Venkaaramanan Indiana Universiy Kelley School of Business February

More information

Mobile Broadband Rollout Business Case: Risk Analyses of the Forecast Uncertainties

Mobile Broadband Rollout Business Case: Risk Analyses of the Forecast Uncertainties ISF 2009, Hong Kong, 2-24 June 2009 Mobile Broadband Rollou Business Case: Risk Analyses of he Forecas Uncerainies Nils Krisian Elnegaard, Telenor R&I Agenda Moivaion Modelling long erm forecass for MBB

More information

The Application of Multi Shifts and Break Windows in Employees Scheduling

The Application of Multi Shifts and Break Windows in Employees Scheduling The Applicaion of Muli Shifs and Brea Windows in Employees Scheduling Evy Herowai Indusrial Engineering Deparmen, Universiy of Surabaya, Indonesia Absrac. One mehod for increasing company s performance

More information

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613.

Duration and Convexity ( ) 20 = Bond B has a maturity of 5 years and also has a required rate of return of 10%. Its price is $613. Graduae School of Business Adminisraion Universiy of Virginia UVA-F-38 Duraion and Convexiy he price of a bond is a funcion of he promised paymens and he marke required rae of reurn. Since he promised

More information

TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS

TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS TEMPORAL PATTERN IDENTIFICATION OF TIME SERIES DATA USING PATTERN WAVELETS AND GENETIC ALGORITHMS RICHARD J. POVINELLI AND XIN FENG Deparmen of Elecrical and Compuer Engineering Marquee Universiy, P.O.

More information

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR

DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Invesmen Managemen and Financial Innovaions, Volume 4, Issue 3, 7 33 DOES TRADING VOLUME INFLUENCE GARCH EFFECTS? SOME EVIDENCE FROM THE GREEK MARKET WITH SPECIAL REFERENCE TO BANKING SECTOR Ahanasios

More information

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya.

Principal components of stock market dynamics. Methodology and applications in brief (to be updated ) Andrei Bouzaev, bouzaev@ya. Principal componens of sock marke dynamics Mehodology and applicaions in brief o be updaed Andrei Bouzaev, bouzaev@ya.ru Why principal componens are needed Objecives undersand he evidence of more han one

More information

Appendix D Flexibility Factor/Margin of Choice Desktop Research

Appendix D Flexibility Factor/Margin of Choice Desktop Research Appendix D Flexibiliy Facor/Margin of Choice Deskop Research Cheshire Eas Council Cheshire Eas Employmen Land Review Conens D1 Flexibiliy Facor/Margin of Choice Deskop Research 2 Final Ocober 2012 \\GLOBAL.ARUP.COM\EUROPE\MANCHESTER\JOBS\200000\223489-00\4

More information

The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of

The Real Business Cycle paradigm. The RBC model emphasizes supply (technology) disturbances as the main source of Prof. Harris Dellas Advanced Macroeconomics Winer 2001/01 The Real Business Cycle paradigm The RBC model emphasizes supply (echnology) disurbances as he main source of macroeconomic flucuaions in a world

More information

Government Revenue Forecasting in Nepal

Government Revenue Forecasting in Nepal Governmen Revenue Forecasing in Nepal T. P. Koirala, Ph.D.* Absrac This paper aemps o idenify appropriae mehods for governmen revenues forecasing based on ime series forecasing. I have uilized level daa

More information

The Interest Rate Risk of Mortgage Loan Portfolio of Banks

The Interest Rate Risk of Mortgage Loan Portfolio of Banks The Ineres Rae Risk of Morgage Loan Porfolio of Banks A Case Sudy of he Hong Kong Marke Jim Wong Hong Kong Moneary Auhoriy Paper presened a he Exper Forum on Advanced Techniques on Sress Tesing: Applicaions

More information

Stock Price Prediction Using the ARIMA Model

Stock Price Prediction Using the ARIMA Model 2014 UKSim-AMSS 16h Inernaional Conference on Compuer Modelling and Simulaion Sock Price Predicion Using he ARIMA Model 1 Ayodele A. Adebiyi., 2 Aderemi O. Adewumi 1,2 School of Mahemaic, Saisics & Compuer

More information

The Grantor Retained Annuity Trust (GRAT)

The Grantor Retained Annuity Trust (GRAT) WEALTH ADVISORY Esae Planning Sraegies for closely-held, family businesses The Granor Reained Annuiy Trus (GRAT) An efficien wealh ransfer sraegy, paricularly in a low ineres rae environmen Family business

More information

SEASONAL ADJUSTMENT. 1 Introduction. 2 Methodology. 3 X-11-ARIMA and X-12-ARIMA Methods

SEASONAL ADJUSTMENT. 1 Introduction. 2 Methodology. 3 X-11-ARIMA and X-12-ARIMA Methods SEASONAL ADJUSTMENT 1 Inroducion 2 Mehodology 2.1 Time Series and Is Componens 2.1.1 Seasonaliy 2.1.2 Trend-Cycle 2.1.3 Irregulariy 2.1.4 Trading Day and Fesival Effecs 3 X-11-ARIMA and X-12-ARIMA Mehods

More information

SPEC model selection algorithm for ARCH models: an options pricing evaluation framework

SPEC model selection algorithm for ARCH models: an options pricing evaluation framework Applied Financial Economics Leers, 2008, 4, 419 423 SEC model selecion algorihm for ARCH models: an opions pricing evaluaion framework Savros Degiannakis a, * and Evdokia Xekalaki a,b a Deparmen of Saisics,

More information

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1

Single-machine Scheduling with Periodic Maintenance and both Preemptive and. Non-preemptive jobs in Remanufacturing System 1 Absrac number: 05-0407 Single-machine Scheduling wih Periodic Mainenance and boh Preempive and Non-preempive jobs in Remanufacuring Sysem Liu Biyu hen Weida (School of Economics and Managemen Souheas Universiy

More information

Supply chain management of consumer goods based on linear forecasting models

Supply chain management of consumer goods based on linear forecasting models Supply chain managemen of consumer goods based on linear forecasing models Parícia Ramos (paricia.ramos@inescporo.p) INESC TEC, ISCAP, Insiuo Poliécnico do Poro Rua Dr. Robero Frias, 378 4200-465, Poro,

More information

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal

II.1. Debt reduction and fiscal multipliers. dbt da dpbal da dg. bal Quarerly Repor on he Euro Area 3/202 II.. Deb reducion and fiscal mulipliers The deerioraion of public finances in he firs years of he crisis has led mos Member Saes o adop sizeable consolidaion packages.

More information

Risk Modelling of Collateralised Lending

Risk Modelling of Collateralised Lending Risk Modelling of Collaeralised Lending Dae: 4-11-2008 Number: 8/18 Inroducion This noe explains how i is possible o handle collaeralised lending wihin Risk Conroller. The approach draws on he faciliies

More information

Predicting Stock Market Index Trading Signals Using Neural Networks

Predicting Stock Market Index Trading Signals Using Neural Networks Predicing Sock Marke Index Trading Using Neural Neworks C. D. Tilakarane, S. A. Morris, M. A. Mammadov, C. P. Hurs Cenre for Informaics and Applied Opimizaion School of Informaion Technology and Mahemaical

More information

The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange

The Influence of Iran's Entrance into the WTO on Major Indexes of Tehran Stock Exchange 2013, TexRoad Publicaion ISSN: 2090-4274 Journal of Applied Environmenal and Biological Sciences www.exroad.com The Influence of Iran's Enrance ino he WTO on Major Indexes of Tehran Sock Exchange Darush

More information

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith**

Relationships between Stock Prices and Accounting Information: A Review of the Residual Income and Ohlson Models. Scott Pirie* and Malcolm Smith** Relaionships beween Sock Prices and Accouning Informaion: A Review of he Residual Income and Ohlson Models Sco Pirie* and Malcolm Smih** * Inernaional Graduae School of Managemen, Universiy of Souh Ausralia

More information

The Kinetics of the Stock Markets

The Kinetics of the Stock Markets Asia Pacific Managemen Review (00) 7(1), 1-4 The Kineics of he Sock Markes Hsinan Hsu * and Bin-Juin Lin ** (received July 001; revision received Ocober 001;acceped November 001) This paper applies he

More information

Title: Who Influences Latin American Stock Market Returns? China versus USA

Title: Who Influences Latin American Stock Market Returns? China versus USA Cenre for Global Finance Working Paper Series (ISSN 2041-1596) Paper Number: 05/10 Tile: Who Influences Lain American Sock Marke Reurns? China versus USA Auhor(s): J.G. Garza-García; M.E. Vera-Juárez Cenre

More information

How To Write A Demand And Price Model For A Supply Chain

How To Write A Demand And Price Model For A Supply Chain Proc. Schl. ITE Tokai Univ. vol.3,no,,pp.37-4 Vol.,No.,,pp. - Paper Demand and Price Forecasing Models for Sraegic and Planning Decisions in a Supply Chain by Vichuda WATTANARAT *, Phounsakda PHIMPHAVONG

More information

Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck

Advise on the development of a Learning Technologies Strategy at the Leopold-Franzens-Universität Innsbruck Advise on he developmen of a Learning Technologies Sraegy a he Leopold-Franzens-Universiä Innsbruck Prof. Dr. Rob Koper Open Universiy of he Neherlands Educaional Technology Experise Cener Conex - Period

More information

CHARGE AND DISCHARGE OF A CAPACITOR

CHARGE AND DISCHARGE OF A CAPACITOR REFERENCES RC Circuis: Elecrical Insrumens: Mos Inroducory Physics exs (e.g. A. Halliday and Resnick, Physics ; M. Sernheim and J. Kane, General Physics.) This Laboraory Manual: Commonly Used Insrumens:

More information

How To Calculate Price Elasiciy Per Capia Per Capi

How To Calculate Price Elasiciy Per Capia Per Capi Price elasiciy of demand for crude oil: esimaes for 23 counries John C.B. Cooper Absrac This paper uses a muliple regression model derived from an adapaion of Nerlove s parial adjusmen model o esimae boh

More information

Individual Health Insurance April 30, 2008 Pages 167-170

Individual Health Insurance April 30, 2008 Pages 167-170 Individual Healh Insurance April 30, 2008 Pages 167-170 We have received feedback ha his secion of he e is confusing because some of he defined noaion is inconsisen wih comparable life insurance reserve

More information

Chapter 5. Aggregate Planning

Chapter 5. Aggregate Planning Chaper 5 Aggregae Planning Supply Chain Planning Marix procuremen producion disribuion sales longerm Sraegic Nework Planning miderm shorerm Maerial Requiremens Planning Maser Planning Producion Planning

More information

Chapter 1.6 Financial Management

Chapter 1.6 Financial Management Chaper 1.6 Financial Managemen Par I: Objecive ype quesions and answers 1. Simple pay back period is equal o: a) Raio of Firs cos/ne yearly savings b) Raio of Annual gross cash flow/capial cos n c) = (1

More information

SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES

SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES Inernaional Journal of Accouning Research Vol., No. 7, 4 SURVEYING THE RELATIONSHIP BETWEEN STOCK MARKET MAKER AND LIQUIDITY IN TEHRAN STOCK EXCHANGE COMPANIES Mohammad Ebrahimi Erdi, Dr. Azim Aslani,

More information

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment

Research on Inventory Sharing and Pricing Strategy of Multichannel Retailer with Channel Preference in Internet Environment Vol. 7, No. 6 (04), pp. 365-374 hp://dx.doi.org/0.457/ijhi.04.7.6.3 Research on Invenory Sharing and Pricing Sraegy of Mulichannel Reailer wih Channel Preference in Inerne Environmen Hanzong Li College

More information

Improving timeliness of industrial short-term statistics using time series analysis

Improving timeliness of industrial short-term statistics using time series analysis Improving imeliness of indusrial shor-erm saisics using ime series analysis Discussion paper 04005 Frank Aelen The views expressed in his paper are hose of he auhors and do no necessarily reflec he policies

More information

Vector Autoregressions (VARs): Operational Perspectives

Vector Autoregressions (VARs): Operational Perspectives Vecor Auoregressions (VARs): Operaional Perspecives Primary Source: Sock, James H., and Mark W. Wason, Vecor Auoregressions, Journal of Economic Perspecives, Vol. 15 No. 4 (Fall 2001), 101-115. Macroeconomericians

More information

Information Theoretic Evaluation of Change Prediction Models for Large-Scale Software

Information Theoretic Evaluation of Change Prediction Models for Large-Scale Software Informaion Theoreic Evaluaion of Change Predicion Models for Large-Scale Sofware Mina Askari School of Compuer Science Universiy of Waerloo Waerloo, Canada maskari@uwaerloo.ca Ric Hol School of Compuer

More information

Chapter Four: Methodology

Chapter Four: Methodology Chaper Four: Mehodology 1 Assessmen of isk Managemen Sraegy Comparing Is Cos of isks 1.1 Inroducion If we wan o choose a appropriae risk managemen sraegy, no only we should idenify he influence ha risks

More information

ARCH 2013.1 Proceedings

ARCH 2013.1 Proceedings Aricle from: ARCH 213.1 Proceedings Augus 1-4, 212 Ghislain Leveille, Emmanuel Hamel A renewal model for medical malpracice Ghislain Léveillé École d acuaria Universié Laval, Québec, Canada 47h ARC Conference

More information

Hedging versus not hedging: strategies for managing foreign exchange transaction exposure

Hedging versus not hedging: strategies for managing foreign exchange transaction exposure Hedging versus no hedging: sraegies for managing foreign exchange ransacion exposure Sco McCarhy Senior Lecurer in Finance Queensland Universiy of Technology Brisbane, Queensland, Ausralia Conac: Tel.:

More information

Stochastic Optimal Control Problem for Life Insurance

Stochastic Optimal Control Problem for Life Insurance Sochasic Opimal Conrol Problem for Life Insurance s. Basukh 1, D. Nyamsuren 2 1 Deparmen of Economics and Economerics, Insiue of Finance and Economics, Ulaanbaaar, Mongolia 2 School of Mahemaics, Mongolian

More information

Improvement in Forecasting Accuracy Using the Hybrid Model of ARFIMA and Feed Forward Neural Network

Improvement in Forecasting Accuracy Using the Hybrid Model of ARFIMA and Feed Forward Neural Network American Journal of Inelligen Sysems 2012, 2(2): 12-17 DOI: 10.5923/j.ajis.20120202.02 Improvemen in Forecasing Accuracy Using he Hybrid Model of ARFIMA and Feed Forward Neural Nework Cagdas Hakan Aladag

More information

Estimating Time-Varying Equity Risk Premium The Japanese Stock Market 1980-2012

Estimating Time-Varying Equity Risk Premium The Japanese Stock Market 1980-2012 Norhfield Asia Research Seminar Hong Kong, November 19, 2013 Esimaing Time-Varying Equiy Risk Premium The Japanese Sock Marke 1980-2012 Ibboson Associaes Japan Presiden Kasunari Yamaguchi, PhD/CFA/CMA

More information

How does working capital management affect SMEs profitability? This paper analyzes the relation between working capital management and profitability

How does working capital management affect SMEs profitability? This paper analyzes the relation between working capital management and profitability How does working capial managemen affec SMEs profiabiliy? Absrac This paper analyzes he relaion beween working capial managemen and profiabiliy for small and medium-sized firms by conrolling for unobservable

More information

Premium Income of Indian Life Insurance Industry

Premium Income of Indian Life Insurance Industry Premium Income of Indian Life Insurance Indusry A Toal Facor Produciviy Approach Ram Praap Sinha* Subsequen o he passage of he Insurance Regulaory and Developmen Auhoriy (IRDA) Ac, 1999, he life insurance

More information

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation

A Note on Using the Svensson procedure to estimate the risk free rate in corporate valuation A Noe on Using he Svensson procedure o esimae he risk free rae in corporae valuaion By Sven Arnold, Alexander Lahmann and Bernhard Schwezler Ocober 2011 1. The risk free ineres rae in corporae valuaion

More information

Forecasting and Forecast Combination in Airline Revenue Management Applications

Forecasting and Forecast Combination in Airline Revenue Management Applications Forecasing and Forecas Combinaion in Airline Revenue Managemen Applicaions Chrisiane Lemke 1, Bogdan Gabrys 1 1 School of Design, Engineering & Compuing, Bournemouh Universiy, Unied Kingdom. E-mail: {clemke,

More information

Information technology and economic growth in Canada and the U.S.

Information technology and economic growth in Canada and the U.S. Canada U.S. Economic Growh Informaion echnology and economic growh in Canada and he U.S. Informaion and communicaion echnology was he larges conribuor o growh wihin capial services for boh Canada and he

More information

LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3

LEVENTE SZÁSZ An MRP-based integer programming model for capacity planning...3 LEVENTE SZÁSZ An MRP-based ineger programming model for capaciy planning...3 MELINDA ANTAL Reurn o schooling in Hungary before and afer he ransiion years...23 LEHEL GYÖRFY ANNAMÁRIA BENYOVSZKI ÁGNES NAGY

More information

Optimal Longevity Hedging Strategy for Insurance. Companies Considering Basis Risk. Draft Submission to Longevity 10 Conference

Optimal Longevity Hedging Strategy for Insurance. Companies Considering Basis Risk. Draft Submission to Longevity 10 Conference Opimal Longeviy Hedging Sraegy for Insurance Companies Considering Basis Risk Draf Submission o Longeviy 10 Conference Sharon S. Yang Professor, Deparmen of Finance, Naional Cenral Universiy, Taiwan. E-mail:

More information

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2

STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 ABSTRACT STRUCTURING EQUITY INVESTMENT IN PPP PROJECTS Deepak. K. Sharma 1 and Qingbin Cui 2 Earlier sudies have esablished guidelines o opimize he capial srucure of a privaized projec. However, in he

More information

CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery

CEEP-BIT WORKING PAPER SERIES. The crude oil market and the gold market: Evidence for cointegration, causality and price discovery CEEP-BIT WORKING PAPER SERIES The crude oil marke and he gold marke: Evidence for coinegraion, causaliy and price discovery Yue-Jun Zhang Yi-Ming Wei Working Paper 5 hp://www.ceep.ne.cn/english/publicaions/wp/

More information

CLASSICAL TIME SERIES DECOMPOSITION

CLASSICAL TIME SERIES DECOMPOSITION Time Series Lecure Noes, MSc in Operaional Research Lecure CLASSICAL TIME SERIES DECOMPOSITION Inroducion We menioned in lecure ha afer we calculaed he rend, everyhing else ha remained (according o ha

More information

THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS

THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS VII. THE FIRM'S INVESTMENT DECISION UNDER CERTAINTY: CAPITAL BUDGETING AND RANKING OF NEW INVESTMENT PROJECTS The mos imporan decisions for a firm's managemen are is invesmen decisions. While i is surely

More information

4. International Parity Conditions

4. International Parity Conditions 4. Inernaional ariy ondiions 4.1 urchasing ower ariy he urchasing ower ariy ( heory is one of he early heories of exchange rae deerminaion. his heory is based on he concep ha he demand for a counry's currency

More information

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective

Idealistic characteristics of Islamic Azad University masters - Islamshahr Branch from Students Perspective Available online a www.pelagiaresearchlibrary.com European Journal Experimenal Biology, 202, 2 (5):88789 ISSN: 2248 925 CODEN (USA): EJEBAU Idealisic characerisics Islamic Azad Universiy masers Islamshahr

More information

Modeling Tourist Arrivals Using Time Series Analysis: Evidence From Australia

Modeling Tourist Arrivals Using Time Series Analysis: Evidence From Australia Journal of Mahemaics and Saisics 8 (3): 348-360, 2012 ISSN 1549-3644 2012 Science Publicaions Modeling Touris Arrivals Using Time Series Analysis: Evidence From Ausralia 1 Gurudeo AnandTularam, 2 Vicor

More information

A Model of High School Student Financial Assistance System in China

A Model of High School Student Financial Assistance System in China Inernaional Journal of u- and e- Service, Science and Technology, pp.173-182 hp://dx.doi.org/10.14257/ijuness.2015.8.7.17 A Model of High School Suden Financial Assisance Sysem in China Hua Ding, Zhongliang

More information

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE

PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Profi Tes Modelling in Life Assurance Using Spreadshees PROFIT TEST MODELLING IN LIFE ASSURANCE USING SPREADSHEETS PART ONE Erik Alm Peer Millingon 2004 Profi Tes Modelling in Life Assurance Using Spreadshees

More information

Why Did the Demand for Cash Decrease Recently in Korea?

Why Did the Demand for Cash Decrease Recently in Korea? Why Did he Demand for Cash Decrease Recenly in Korea? Byoung Hark Yoo Bank of Korea 26. 5 Absrac We explores why cash demand have decreased recenly in Korea. The raio of cash o consumpion fell o 4.7% in

More information

Option Put-Call Parity Relations When the Underlying Security Pays Dividends

Option Put-Call Parity Relations When the Underlying Security Pays Dividends Inernaional Journal of Business and conomics, 26, Vol. 5, No. 3, 225-23 Opion Pu-all Pariy Relaions When he Underlying Securiy Pays Dividends Weiyu Guo Deparmen of Finance, Universiy of Nebraska Omaha,

More information

He equiy Risk Premium And The Supply Side Model

He equiy Risk Premium And The Supply Side Model Yale ICF Working Paper No. 00-44 March 2002 STOCK MARKET RETURNS IN THE LONG RUN: PARTICIPATING IN THE REAL ECONOMY Roger G. Ibboson Yale School of Managemen Peng Chen Ibboson Associaes, Inc. This paper

More information

Time Series Prediction of Web Domain Visits by IF-Inference System

Time Series Prediction of Web Domain Visits by IF-Inference System Time Series Predicion of Web Domain Visis by IF-Inference Sysem VLADIMÍR OLEJ, JANA FILIPOVÁ, PETR HÁJEK Insiue of Sysem Engineering and Informaics Faculy of Economics and Adminisraion Universiy of Pardubice,

More information

Forecasting the dynamics of financial markets. Empirical evidence in the long term

Forecasting the dynamics of financial markets. Empirical evidence in the long term Leonardo Franci (Ialy), Andi Duqi (Ialy), Giuseppe Torluccio (Ialy) Forecasing he dynamics of financial markes. Empirical evidence in he long erm Absrac This sudy aims o verify wheher here are any macroeconomic

More information

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs

Contrarian insider trading and earnings management around seasoned equity offerings; SEOs Journal of Finance and Accounancy Conrarian insider rading and earnings managemen around seasoned equiy offerings; SEOs ABSTRACT Lorea Baryeh Towson Universiy This sudy aemps o resolve he differences in

More information

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or

policies are investigated through the entire product life cycle of a remanufacturable product. Benefiting from the MDP analysis, the optimal or ABSTRACT AHISKA, SEMRA SEBNEM. Invenory Opimizaion in a One Produc Recoverable Manufacuring Sysem. (Under he direcion of Dr. Russell E. King and Dr. Thom J. Hodgson.) Environmenal regulaions or he necessiy

More information

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets?

Can Individual Investors Use Technical Trading Rules to Beat the Asian Markets? Can Individual Invesors Use Technical Trading Rules o Bea he Asian Markes? INTRODUCTION In radiional ess of he weak-form of he Efficien Markes Hypohesis, price reurn differences are found o be insufficien

More information

The Transport Equation

The Transport Equation The Transpor Equaion Consider a fluid, flowing wih velociy, V, in a hin sraigh ube whose cross secion will be denoed by A. Suppose he fluid conains a conaminan whose concenraion a posiion a ime will be

More information

Working Paper A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

Working Paper A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches econsor www.econsor.eu Der Open-Access-Publikaionsserver der ZBW Leibniz-Informaionszenrum Wirschaf The Open Access Publicaion Server of he ZBW Leibniz Informaion Cenre for Economics Akalu, Mehari Mekonnen;

More information

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer

Analysis of Pricing and Efficiency Control Strategy between Internet Retailer and Conventional Retailer Recen Advances in Business Managemen and Markeing Analysis of Pricing and Efficiency Conrol Sraegy beween Inerne Reailer and Convenional Reailer HYUG RAE CHO 1, SUG MOO BAE and JOG HU PARK 3 Deparmen of

More information

Forecasting the returns in reusable containers closed-loop supply chains. A case in the LPG industry.

Forecasting the returns in reusable containers closed-loop supply chains. A case in the LPG industry. 3rd Inernaional Conference on Indusrial Engineering and Indusrial Managemen XIII Congreso de Ingeniería de Organización Barcelona-Terrassa, Sepember nd-4h 009 Forecasing he reurns in reusable conainers

More information

Task is a schedulable entity, i.e., a thread

Task is a schedulable entity, i.e., a thread Real-Time Scheduling Sysem Model Task is a schedulable eniy, i.e., a hread Time consrains of periodic ask T: - s: saring poin - e: processing ime of T - d: deadline of T - p: period of T Periodic ask T

More information

Analysis of I-Series, An Appraisal and Its Models

Analysis of I-Series, An Appraisal and Its Models Vol. No.2, pp.-, June 203 MODELING TO ANTICIPATE WORLD PRICE OF EACH OUNCE OF GOLD IN INTERNATIONAL MARKETS Mohammad Rikhegar Business Managemen, MA Suden Islamic Azad Universiy, a Souh Tehran Branch 009893632406

More information

What does the Bank of Russia target?

What does the Bank of Russia target? SBERBANK OF RUSSIA CENTRE FOR MACROECONOMIC RESEARCH, SBERBANK 5 Augus 2010 Wha does he Bank of Russia arge? The crisis has promped he Russian Cenral Bank (CBR) o review is policies drasically. New frameworks

More information

11/6/2013. Chapter 14: Dynamic AD-AS. Introduction. Introduction. Keeping track of time. The model s elements

11/6/2013. Chapter 14: Dynamic AD-AS. Introduction. Introduction. Keeping track of time. The model s elements Inroducion Chaper 14: Dynamic D-S dynamic model of aggregae and aggregae supply gives us more insigh ino how he economy works in he shor run. I is a simplified version of a DSGE model, used in cuing-edge

More information