Matas-Mir, Antonio; Osborn, Denise R.; Lombardi, Marco - Dipartimento di Statistica, Informatica, Applicazioni … - 2005
We study the impact of seasonal adjustment on the properties of business cycle expansion and recession regimes using analytical, simulation and empirical methods. Analytically, we show that the X-11 adjustment filter both reduces the magnitude of change at turning points and reduces the depth of...