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Stock market conditions, government policy changes, or even weather patterns can be regarded as stochastic processes that are driven by unobserved regimes. A powerful tool to explore these behavioral patterns is the regime-switching model (RSM) that is offered in the HMM procedure and the associated action in SAS® Econometrics software. This model, which is widely used in finance, economics, science, and engineering, has two characteristics: it allows different parameter values for different regimes, and it models the transition probabilities between regimes. These characteristics enable it to fully capture the structural changes in the time series. This paper uses two examples to illustrate how you can use RSMs to better understand the regime patterns in your data and improve your economic analysis. The first example demonstrates how regime-switching autoregression (RS-AR) models help you characterize the volatility and dynamics of stock returns. The second example examines the relationship and movement between the Japanese yen and the Thai baht by using regime-switching regression (RS-REG) models. <br/><br/>Xilong Chen, SAS <br/><br/>Ji Shen, SAS
Session 1879
en
jeff.foxx@sas.com
Stock market conditions, government policy changes, or even weather patterns can be regarded as stochastic processes that are driven by unobserved regimes. A powerful tool to explore these behavioral patterns is the regime-switching model (RSM) that is offered in the HMM procedure and the associated action in SAS® Econometrics software. This model, which is widely used in finance, economics, science, and engineering, has two characteristics: it allows different parameter values for different regimes, and it models the transition probabilities between regimes. These characteristics enable it to fully capture the structural changes in the time series. This paper uses two examples to illustrate how you can use RSMs to better understand the regime patterns in your data and improve your economic analysis. The first example demonstrates how regime-switching autoregression (RS-AR) models help you characterize the volatility and dynamics of stock returns. The second example examines the relationship and movement between the Japanese yen and the Thai baht by using regime-switching regression (RS-REG) models. <br/><br/>Xilong Chen, SAS <br/><br/>Ji Shen, SAS
Microsoft® Word 2013
2018-04-02T16:00:44.000-04:00
2018-04-02T16:00:44.000-04:00
2018-02-20T16:11:37.000-05:00
2018-04-03T15:45:24.815-04:00
61c3d423daf107b30a3b69fdb3f34c421bbcf331
746267
application/pdf
2018-04-03T15:45:24.540-04:00
Xilong.Chen@sas.com;Ji.Shen@sas.com
Time Series Analysis; Regime-Switching Models
Regime-Switching Models: Capturing Structural Changes in Time Series
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