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Continuous-time ARMAX models are analogous to discrete-time autoregressive moving-average models with distributed-lag exogenous variables. Stocks are variables observed at points in time and flows are variables observed as integrals over sampling intervals. We derive the implied state-space model of the discrete-time data and show how to use it to compute the Gaussian likelihood function with Kalman-filtering, prediction-error, decomposition of the data.<\/jats:p>","DOI":"10.1017\/s0266466600011890","type":"journal-article","created":{"date-parts":[[2010,10,18]],"date-time":"2010-10-18T09:12:04Z","timestamp":1287393124000},"page":"108-124","source":"Crossref","is-referenced-by-count":81,"title":["Gaussian Likelihood of Continuous-Time ARMAX Models When Data Are Stocks and Flows at Different Frequencies"],"prefix":"10.1017","volume":"4","author":[{"given":"Peter","family":"Zadrozny","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"56","published-online":{"date-parts":[[2010,10,18]]},"reference":[{"key":"S0266466600011890_ref006","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466600011269"},{"key":"S0266466600011890_ref003","volume-title":"Introduction to stochastic control theory","author":"Astrom","year":"1970"},{"key":"S0266466600011890_ref007","doi-asserted-by":"publisher","DOI":"10.2307\/2004623"},{"key":"S0266466600011890_ref012","doi-asserted-by":"crossref","DOI":"10.21034\/sr.59","volume-title":"Methods for estimating continuous-time rational-expectations models from discrete-time data","author":"Hansen","year":"1980"},{"key":"S0266466600011890_ref024","first-page":"175","volume-title":"Statistical Inference in Continuous-Time Econometric Models","author":"Phillips","year":"1976"},{"key":"S0266466600011890_ref008","volume-title":"Matrix computations","author":"Golub","year":"1983"},{"key":"S0266466600011890_ref018","volume-title":"Linear optimal control systems.","author":"Kwakernaak","year":"1972"},{"key":"S0266466600011890_ref033","volume-title":"PADEXP. 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