1. Clive G. Bowsher is MRC Fellow and Senior Research Associate, Statistical Laboratory, Center for Mathematical Sciences, University of Cambridge, CB3 0WB, U.K. . Roland Meeks is Economist, Research Department, Federal Reserve Bank of Dallas, Dallas, TX 75201 . Functional Signal plus Noise (FSN) models first appeared in the earlier working paper, Bowsher (2004). The views expressed in this article are not necessarily those of the Federal Reserve Bank of Dallas or the Federal Reserve System. The authors...