Concurrent with the development of dynamic modelling in econometrics there was also
a resurgence of interest in time-series methods, used primarily in short-term business
forecasting. The dominant work in this field was that of Box and Jenkins (1970), who,building on the pioneering works of Yule (1921, 1926), Slutsky (1927), Wold (1938),
Whittle (1963) and others, proposed computationally manageable and asymptotically
efficient methods for the estimation and forecasting of univariate autoregressive-moving
average (ARMA) processes.