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Previous studies have found that price promotions lead to a decrease in the average prices of seasonal goods in high … demand season, countering the predictions of basic supply and demand. I explain this trend by proposing that price …-sensitive consumers are less likely to search in low demand periods, changing consumer composition and decreasing aggregate price …
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Changes in the seasonal patterns of macroeconomic time series may be due to the effects of business cycle fluctuations or to technological and institutional change or both. We examine the relative importance of these two sources of change in seasonality for quarterly industrial production series...
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This paper uses a seasonal long-memory model to capture the behaviour of the US Industrial Production Index (IPI) over the period 1919Q1-2022Q4. This series is found to display a large value of the periodogram at the zero, long-run frequency, and to exhibit an order of integration around 1. When...
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