Sources of Monetary Growth Uncertainty and Economic Activity: The Time-Varying-Parameter Model with Heteroskedastic Disturbances

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The Tourism Forecasting Competition (2011, neutral): “(5) In most cases, the random walk process is adequate for capturing the parameter changes in various economic models (see, for example, Bohara and Sauer, 1992; Kim, 1993; Greenslade and Hall, 1996; Song and Witt, 2000).”
Tourism Demand Modeling: A Time-Varying Parameter Approach (2003, background): “Greenslade and Hall (1996), Kim (1993), and Song and Witt (2000) concluded that, in most cases, the RW process is sufficient to capture the structural change in various economic models (including tourism demand models).”