Most economic monthly time series contain calendar effects. It is important to remove the calendar variation to allow an effective assessment of the variation due to other factors.
Several methods exist which can adjust for trading-day and holiday effects in monthly economic time series. This paper reviews these methods and shows the procedure for determining the calendar adjustment carried out on the Industrial Turnover and New Orders Received Indices.
Palabras clave / Key words: Working-day adjustment, dynamic regression, ARIMA, model identification.Analysis of the calendar effects on the Industry Turnover and New Orders Received Indices (Pdf 582 KB)