{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,26]],"date-time":"2026-03-26T21:24:09Z","timestamp":1774560249243,"version":"3.50.1"},"reference-count":30,"publisher":"Wiley","license":[{"start":{"date-parts":[[2022,2,22]],"date-time":"2022-02-22T00:00:00Z","timestamp":1645488000000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Journal of Applied Mathematics"],"published-print":{"date-parts":[[2022,2,22]]},"abstract":"<jats:p>Irrespective of whether the test for homogeneity is significant or not, most researchers assume time-homogeneity in analysing Markov chains due to scanty literature on the analysis of time-inhomogeneous Markov chains. Based on the assumption that, for each point in time in the future, a stochastic process will be subjected to a randomly selected transition matrix from an ergodic set of transition matrices the process was subjected to in the recent past, a methodology was proposed for analysing the long-run behaviours of time-inhomogeneous Markov chains. The proposed model was implemented to historical data consisting of the exchange rate of cedi-dollar, cedi-pound, and cedi-euro spanning over 6 years (January 2012 to December 2017). The results show that under certain \u201ccloseness\u201d conditions, the long-run behaviours of the time-inhomogeneous case are almost identical to those of the time-homogeneous case. The paper asserted that even if the Markov chain exhibit time-inhomogeneity, analysing the Markov chain under the assumption of time-homogeneity is a step in the right direction under certain \u201ccloseness\u201d conditions; otherwise, the proposed method is recommended. It was also found that investing in dollars yields better returns than the other currencies in Ghana.<\/jats:p>","DOI":"10.1155\/2022\/3524808","type":"journal-article","created":{"date-parts":[[2022,2,23]],"date-time":"2022-02-23T01:23:22Z","timestamp":1645579402000},"page":"1-13","source":"Crossref","is-referenced-by-count":1,"title":["Analysis of Exchange Rates as Time-Inhomogeneous Markov Chain with Finite States"],"prefix":"10.1155","volume":"2022","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-2160-0198","authenticated-orcid":true,"given":"Felix O.","family":"Mettle","sequence":"first","affiliation":[{"name":"Department of Statistics and Actuarial Science, University of Ghana, Legon, Ghana"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2526-100X","authenticated-orcid":true,"given":"Lydia Pomaa","family":"Boateng","sequence":"additional","affiliation":[{"name":"Department of Statistics and Actuarial Science, University of Ghana, Legon, Ghana"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6039-6989","authenticated-orcid":true,"given":"Enoch N. B.","family":"Quaye","sequence":"additional","affiliation":[{"name":"Department of Statistics and Actuarial Science, University of Ghana, Legon, Ghana"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8054-841X","authenticated-orcid":true,"given":"Emmanuel Kojo","family":"Aidoo","sequence":"additional","affiliation":[{"name":"Department of Statistics and Actuarial Science, University of Ghana, Legon, Ghana"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2091-9455","authenticated-orcid":true,"given":"Issah","family":"Seidu","sequence":"additional","affiliation":[{"name":"Department of Statistics and Actuarial Science, University of Ghana, Legon, Ghana"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","reference":[{"key":"1","volume-title":"Foreign Exchange Rates under Markov Regime Switching Model","author":"S. Goutte","year":"2011"},{"key":"2","doi-asserted-by":"publisher","DOI":"10.1016\/j.worlddev.2018.05.017"},{"key":"3","doi-asserted-by":"publisher","DOI":"10.1142\/S0219525918500194"},{"key":"4","doi-asserted-by":"publisher","DOI":"10.1109\/CCCS.2018.8586826"},{"key":"5","doi-asserted-by":"publisher","DOI":"10.1007\/s00521-017-3039-z"},{"key":"6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2020.102168"},{"key":"7","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijforecast.2018.07.017"},{"key":"8","doi-asserted-by":"publisher","DOI":"10.1002\/(SICI)1526-4025(199910\/12)15:4<227::AID-ASMB388>3.0.CO;2-C"},{"key":"9","doi-asserted-by":"publisher","DOI":"10.1109\/ISDA.2005.85"},{"key":"10","doi-asserted-by":"publisher","DOI":"10.17654\/AS054010001"},{"key":"11","doi-asserted-by":"publisher","DOI":"10.1186\/2193-1801-3-657"},{"key":"12","doi-asserted-by":"publisher","DOI":"10.1007\/s10852-012-9214-4"},{"key":"13","doi-asserted-by":"publisher","DOI":"10.5539\/ijbm.v4n6p163"},{"key":"14","doi-asserted-by":"publisher","DOI":"10.1007\/s11071-019-05252-7"},{"key":"15","doi-asserted-by":"publisher","DOI":"10.1016\/j.knosys.2021.107297"},{"key":"16","doi-asserted-by":"publisher","DOI":"10.1016\/j.neucom.2020.05.075"},{"key":"17","doi-asserted-by":"publisher","DOI":"10.1038\/s41592-019-0476-x"},{"key":"18","doi-asserted-by":"publisher","DOI":"10.1080\/02664763.2018.1508556"},{"key":"19","unstructured":"IrohaN. M.Markov Chain and Stock Price Movement in Nigeria (1985-2013), [Ph.D. thesis]2017University of Nigeria, Nsukka"},{"key":"20","doi-asserted-by":"publisher","DOI":"10.18488\/journal.aefr.2020.108.906.919"},{"key":"21","doi-asserted-by":"publisher","DOI":"10.33889\/IJMEMS.2020.5.2.024"},{"key":"22","doi-asserted-by":"publisher","DOI":"10.1080\/02664763.2018.1492527"},{"key":"23","first-page":"233","article-title":"Weak ergodicity in non-homogeneous Markov chains","volume-title":"Mathematical Proceedings of the Cambridge Philosophical Society","author":"J. Hajnal","year":"1958"},{"key":"24","doi-asserted-by":"crossref","first-page":"521","DOI":"10.1017\/S030500410005252X","article-title":"On products of nonnegative matrices","volume":"75","author":"J. Hajnal","year":"1976","journal-title":"Mathematical Proceedings of the Cambridge Philosophical Society"},{"issue":"2","key":"25","doi-asserted-by":"crossref","first-page":"275","DOI":"10.1090\/S0273-0979-1979-14594-4","article-title":"Ergodic theorems in demography","volume":"1","author":"J. E. Cohen","year":"1979","journal-title":"Bulletin of the American Mathematical Society"},{"key":"26","volume-title":"Elements of Applied Stochastic Processes","author":"U. N. Bhat","year":"2002"},{"key":"27","doi-asserted-by":"publisher","DOI":"10.11648\/j.jfa.20140203.15"},{"key":"28","doi-asserted-by":"publisher","DOI":"10.3390\/risks8020055"},{"key":"29","doi-asserted-by":"publisher","DOI":"10.11130\/jei.2016.31.1.41"},{"key":"30","first-page":"28","article-title":"Simulation studies in demographic ergodicity","volume":"1","author":"F. O. Mettle","year":"2006","journal-title":"Legon Journal of Science"}],"container-title":["Journal of Applied Mathematics"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/downloads.hindawi.com\/journals\/jam\/2022\/3524808.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/downloads.hindawi.com\/journals\/jam\/2022\/3524808.xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/downloads.hindawi.com\/journals\/jam\/2022\/3524808.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,2,23]],"date-time":"2022-02-23T01:23:32Z","timestamp":1645579412000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.hindawi.com\/journals\/jam\/2022\/3524808\/"}},"subtitle":[],"editor":[{"given":"Wei-Chiang","family":"Hong","sequence":"additional","affiliation":[],"role":[{"role":"editor","vocabulary":"crossref"}]}],"short-title":[],"issued":{"date-parts":[[2022,2,22]]},"references-count":30,"alternative-id":["3524808","3524808"],"URL":"https:\/\/doi.org\/10.1155\/2022\/3524808","relation":{},"ISSN":["1687-0042","1110-757X"],"issn-type":[{"value":"1687-0042","type":"electronic"},{"value":"1110-757X","type":"print"}],"subject":[],"published":{"date-parts":[[2022,2,22]]}}}