Traditionally One Decomposes Economic Time Series Exhibiting Seasonality in a Cyclical Component, a Seasonal Component and Possibly Other Components. the Fundamental Assumptions Almost Exclusively Made About This Decomposition Is That (1) the Components Are Mutually Orthogonal and (2) the...

Understanding the dynamics of interest rates and the term structure has important implications for issues as diverse as real economic activity, monetary policy, pricing of interest rate derivative securities and public debt financing. Our paper follows a longstanding tradition of using factor...

Unit Root Tests Applied to Post-War Seasonally Adjusted Quarterly Gnp Series Strongly Support the Null Hypothesis of the Presence of a Unit Root in the Data-Generating Process. Evidence Reported Here with Seasonally Unadjusted Data Is Far Less Conclusive. It Is Explained Why Seasonal Adjustment...