An Excel spreadsheet containing over 900 days of daily data on a number of different exchange rates and stock indices can be downloaded from the author's website: http://www.rotman utoronto, ca/ hul Choose one exchange rate and one stock index. Estimate the value of λ in the EWMA model that minimizes the value of ∑i(oi-βi)^2, where v1 is the variance forecast made at the end of day i-1 and βf is the variance calculated from data between day i and day i 25 . Use the Solver tool in Excel. Set the

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