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Exponential smoothing methods have been around since the 1950s, and are popular forecasting methods used in business and industry. Recently, exponential smoothing has been revolutionized with the introduction of a modeling framework incorporating innovations state space models, likelihood calculation, prediction intervals and procedures for model selection. In this book, the important results for this framework are brought together in a coherent manner with consistent notation. In addition, many new results and extensions are introduced and several application areas are examined in detail.