The Dynamic Econometric Models is an official journal of the Nicolaus Copernicus University in Torun (Poland). The journal was established in 1994 with the aim of creating a field journal for the publication of econometric research. The scope of the journal includes papers dealing with methodological aspects of dynamic econometrics, as well as papers dealing with various aspects of econometric techniques and forecasting to important areas of economics. The journal is open to all contributions in dynamic econometrics, whether theoretical, practical, computational and methodological. Among the topics covered are macroeconometrics and time series analysis, economic growth and development, business cycle analysis, financial markets, fiscal shocks, expectation formation, exchange rates, money demand and money supply behavior.