Matas-Mir, Antonio; Osborn, Denise R.; Lombardi, Marco J. - In: Journal of Applied Econometrics 23 (2008) 2, pp. 257-278
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...