【摘 要】
：
It is not unusual for the level of a monthly economic time series, such as industrial production,retail and wholesale sales, monetary aggregates, telephone call
【机 构】
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Austrian Institute of Economic Research, A-1103 Vienna, Austria
论文部分内容阅读
It is not unusual for the level of a monthly economic time series, such as industrial production,retail and wholesale sales, monetary aggregates, telephone calls or road accidents, to be influenced by calendar effects. Such effects arise when changes occur in the level of activity resulting from differences in the composition of calendar between years. The two main sources of calendar effects are trading day variations and moving festivals. Ignoring such calendar effects will lead to substantial distortions in the identification stage of time series modeling. Therefore, it is mandatory to introduce calendar effects, when they are present in a time series, as the component of the model which one wants to estimate.
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