Seasonality in Economic Models

Posted: 20 Jun 2004

See all articles by Bjarne Brendstrup

Bjarne Brendstrup

Aarhus University - Department of Economics

Svend Hylleberg

Aarhus University - Department of Economics

Morten Ørregaard Nielsen

Queen's University - Department of Economics

Lars Skipper

Aarhus University - Department of Economics

Lars Stentoft

Department of Economics, University of Western Ontario; Center for Interuniversity Research and Analysis on Organization (CIRANO); Aarhus University - CREATES

Abstract

Seasonality has been a major research area in economics for several decades. The paper assesses the recent development in the literature on the treatment of seasonality in economics, and divides it into three interrelated groups. The first group, Pure Noise Models, consists of methods based on the view that seasonality is noise contaminating the data, or more correctly contaminating the information of interest for the economists. The second group, Time Series Models, treats seasonality as a more integrated part of the modeling strategy, with the choice of model being data driven. The third group, Economic Models of Seasonality, introduces economic theory, i.e. optimizing behavior, into the modeling of seasonality.

Keywords: Seasonality, economic modelling

JEL Classification: C19, C29, C59

Suggested Citation

Brendstrup, Bjarne and Hylleberg, Svend and Nielsen, Morten Orregaard and Skipper, Lars and Stentoft, Lars, Seasonality in Economic Models. Macroeconomic Dynamics, Vol. 8, pp. 362-394, 2004. Available at SSRN: https://ssrn.com/abstract=556690

Bjarne Brendstrup

Aarhus University - Department of Economics ( email )

Universitetsparken
Building 350
DK-8000 Aarhus C
Denmark
+45 8942 1573 (Phone)
+45 8613 6334 (Fax)

HOME PAGE: http://www.econ.au.dk/vip_htm/bbrendstrup/hjemmesi

Svend Hylleberg (Contact Author)

Aarhus University - Department of Economics ( email )

University Park
DK-8000 Aarhus C
Denmark
+45 8942 1133 (Phone)
+45 8613 6334 (Fax)

Morten Orregaard Nielsen

Queen's University - Department of Economics ( email )

94 University Avenue
Kingston K7L 3N6, Ontario
Canada

HOME PAGE: http://www.econ.queensu.ca/faculty/nielsen/

Lars Skipper

Aarhus University - Department of Economics ( email )

Universitetsparken
Building 350
DK-8000 Aarhus C
Denmark
+45 8942 1589 (Phone)
+45 8613 6334 (Fax)

Lars Stentoft

Department of Economics, University of Western Ontario ( email )

London, Ontario N6A 5B8
Canada

Center for Interuniversity Research and Analysis on Organization (CIRANO)

2020 rue University, 25th floor
Montreal H3C 3J7, Quebec
Canada

Aarhus University - CREATES

School of Economics and Management
Building 1322, Bartholins Alle 10
DK-8000 Aarhus C
Denmark

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