Dynamic Factor Models Cointegration And Error Correction Mechanisms

Leo Migdal
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dynamic factor models cointegration and error correction mechanisms

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�?�\e0���1�� :Y]���ՏW|7�:˕}C�9�hq5��S�J�۝#z��N�)Ie:��~ ��*�׳ ��/�sz` e p3��b�K ��%��o��4]����T�)�br2��N������n�1�50��oG�QM��5��'J��r�f-Q6j����>V����e�(���|�^���#7�76���c��2��st,�Z�P�L ;���D�Ö�OhI�צ7)>��r�`�({lezт�-��[�t[$�� c��.y�b�ċ�?���`��_56�'}�>��Y}��׬�ID�1 i / �2�Ɓ��h�� ��5yO���!�QO�g��>�4�v�|�� �N��uGe���~;���>�X_�pr��qr�߀�h�#��;�'"����!L�U��hB�85`�+5���J��8�����:]�������4� �a*���{���d��� �\�Ĭ�5?\<�/�n endstream endobj 30 0 obj << /Parent 1 0 R /MediaBox [0 0 595.276 841.89] /Resources 257 0... All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgfe:2016-18. See general information about how to correct material in RePEc. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.

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General contact details of provider: https://edirc.repec.org/data/frbgvus.html . Academia.edu no longer supports Internet Explorer. To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to upgrade your browser. In this paper we study Dynamic Factor Models when the factors F t are I(1) and singular, i.e. rank(F t) < dim(F t). By combining the classic Granger Representation Theorem with recent results by Anderson and Deistler on singular stochastic vectors, we prove that, for generic values of the parameters, F t has an Error Correction representation...

This result is the basis for the correct specification of an autoregressive model for F t. Estimation of impulse-response functions is also discussed. Results of an empirical analysis on a US quarterly database support the use of our model. We study a Large-Dimensional Non-Stationary Dynamic Factor Model where (1) the factors F t are I(1) and singular, that is F t has dimension r and is driven by q dynamic shocks with q... Under these assumption the factors F t are cointegrated and modeled by a singular Error Correction Model. We provide conditions for consistent estimation, as both the cross-sectional size n, and the time dimension T , go to infinity, of the factors, the loadings, the shocks, the ECM coefficients and therefore the...

Finally, the numerical properties of our estimator are explored by means of a MonteCarlo exercise and of a real-data application, in which we study the effects of monetary policy and supply shocks on the... Decomposing volatilities into a common market-driven component and an idiosyncratic itemspecific one is an important issue in financial econometrics. This, however, as any study involving market-related features, requires the statistical analysis of large panels of time series, hence faces the usual challenges associated with high-dimensional data. Factor model methods in such a context are an ideal tool, but they do not readily apply to the analysis of volatilities. Focusing on the reconstruction of the unobserved market shocks and the way they are loaded by the various items (stocks) in the panel, we propose an entirely nonparametric and model-free two-step general dynamic factor... Applied to the S&P100 asset return dataset, the method provides evidence that a non-negligible proportion of the market-driven volatility of returns originates in the volatilities of level-idiosyncratic components.

This article considers the estimation of Approximate Dynamic Factor Models with homoscedastic, cross-sectionally correlated errors for incomplete panel data. In contrast to existing estimation approaches, the presented estimation method comprises two expectation-maximization algorithms and uses conditional factor moments in closed form. To determine the unknown factor dimension and autoregressive order, we propose a two-step information-based model selection criterion. The performance of our estimation procedure and the model selection criterion is investigated within a Monte Carlo study. Finally, we apply the Approximate Dynamic Factor Model to real-economy vintage data to support investment decisions and risk management. For this purpose, an autoregressive model with the estimated factor span of the mixed-frequency data as exogenous variables maps the behavior of weekly S&P500 log-returns.

We detect the main drivers of the index development and define two dynamic trading strategies resulting from prediction intervals for the subsequent returns. AbstractDynamic factor models (DFMs), which assume the existence of a small number of unobserved underlying factors common to a large number of variables, are very popular among empirical macroeconomists. Factors can be extracted using either nonparametric principal components or parametric Kalman filter and smoothing procedures, with the former being computationally simpler and robust against misspecification and the latter coping in a natural way... This paper analyses the empirical consequences on factor estimation, in-sample predictions and out-of-sample forecasting of using alternative estimators of the DFM under various sources of potential misspecification. In particular, we consider factor extraction when assuming different number of factors and different factor dynamics. The factors are extracted from a popular data base of US macroeconomic variables, widely analyzed in the literature without consensus about the most appropriate model specification.

We show that this lack of consensus is only marginally crucial when it comes to factor extraction, but it matters when the objective is out-of-sample forecasting. The ScienceGate team tries to make research easier by managing and providing several unique services gathered in a web platform

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