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Residual seasonality and monetary policy

Author

Listed:
  • Benjamin Pyle
  • Glenn D. Rudebusch
  • Daniel J. Wilson

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.

Suggested Citation

  • Benjamin Pyle & Glenn D. Rudebusch & Daniel J. Wilson, 2015. "Residual seasonality and monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfel:00067
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    References listed on IDEAS

    as
    1. Han Chen & Vasco Cúrdia & Andrea Ferrero, 2012. "The Macroeconomic Effects of Large‐scale Asset Purchase Programmes," Economic Journal, Royal Economic Society, vol. 122(564), pages 289-315, November.
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    Cited by:

    1. James Hamlette & Kurt Graden Lunsford, 2026. "Residual Seasonality in Some Components of PCE Inflation," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2026(04), pages 1-6, March.

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