This paper considers Markov error-correction (MEC) models in which deviations from the long-run equilibrium are characterized by different rates of adjustment. To motivate our analysis and illustrate ...

Discrete-time hidden Markov models are a broadly useful class of latent variable models with applications in areas such as speech recognition, bioinformatics, and climate data analysis. It is common ...

Discover how Markov chains predict real systems, from Ulam and von Neumann’s Monte Carlo to PageRank, so you can grasp ...