This first edition of the Panorama on Energy endeavours to deliver global characteristics of the energy situation in Europe, using the most recent official data available in Eurostat. It covers the main energy themes for EU-25 as well as for each individual Member State and quantifies them....

We investigate the effects of the misspecification of cointegrating ranks at other frequencies on the inference of seasonal cointegration at the frequency of interest such as test for cointegrating rank and estimation of cointegrating vector. Earlier studies mostly focused on a single frequency...

It is generally realised that recent seasonally adjusted or trend values are liable to be revised, even without changes to the unadjusted data, as further data points are added. However, there are no generally accepted indications of the likely scale of such revisions. This paper describes a...

We shed light on a class of models that increase the flexibility of the seasonal pattern within a framework of the structural time series model. The basic idea is to drive the seasonal summation model by a moving average process rather than by a white noise or an AR process. Generally, such an...

This paper examines the distributions of (zero frequency) unit root test statistics for I(1) processes in the presence of noninvertible moving average components. The analysis initially considers a noninvertible MA(1), for which the asymptotic distribution of the ADF test statistic under the...

Government statistical agencies are required to seasonally adjust non-stationary time series resulting from an aggregate of a number of cross-sectional time series. Traditionally, this has been achieved using the X-11 or X12-ARIMA process by us- ing either direct or indirect seasonal adjustment....