Explain how to select an appropriate time series model based on the following aspects: (a) Information criteria such as AIC, BIC and others. (b) Parsimony the model. (c) Statistical signi_cance of the...

Explain how to select an appropriate time series model based on the

following aspects:

(a) Information criteria such as AIC, BIC and others.

(b) Parsimony the model.

(c) Statistical signi_cance of the parameters.

(d) Goodness of _t tests.

(e) Residuals whiteness testing procedures.

(f) Veri_cation of the model assumptions, e.g. normality.