Residual seasonality and monetary policy

Benjamin Pyle, Glenn Rudebusch and Daniel Wilson

FRBSF Economic Letter, 2015

Abstract: Much recent discussion has suggested that the official real GDP data are inadequately adjusted for recurring seasonal fluctuations. A similar pattern of insufficient seasonal adjustment also affects the published data for a key measure of price inflation. Still, such residual seasonality in the published output and inflation statistics is unlikely to mislead Federal Reserve policymakers or adversely affect the setting of monetary policy.

Keywords: Seasonal variations (Economics); Monetary policy; Monetary policy - United States (search for similar items in EconPapers)
Date: 2015
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