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Seasonal sub-series plots are formed by [3] Vertical axis: response variable; Horizontal axis: time of year; for example, with monthly data, all the January values are plotted (in chronological order), then all the February values, and so on. The horizontal line displays the mean value for each month over the time series.
In time series analysis, a fan chart is a chart that joins a simple line chart for observed past data, by showing ranges for possible values of future data together with a line showing a central estimate or most likely value for the future outcomes. As predictions become increasingly uncertain the further into the future one goes, these ...
When time series data has seasonality removed from it, it is said to be directly seasonally adjusted. If it is made up of a sum or index aggregation of time series which have been seasonally adjusted, it is said to have been indirectly seasonally adjusted. Indirect seasonal adjustment is used for large components of GDP which are made up of ...
Panel data is the general class, a multidimensional data set, whereas a time series data set is a one-dimensional panel (as is a cross-sectional dataset). A data set may exhibit characteristics of both panel data and time series data. One way to tell is to ask what makes one data record unique from the other records.
In time series data, seasonality refers to the trends that occur at specific regular intervals less than a year, such as weekly, monthly, or quarterly. Seasonality may be caused by various factors, such as weather, vacation, and holidays [1] and consists of periodic, repetitive, and generally regular and predictable patterns in the levels [2] of a time series.
For example, time series are usually decomposed into: , the trend component at time t, which reflects the long-term progression of the series (secular variation). A trend exists when there is a persistent increasing or decreasing direction in the data. The trend component does not have to be linear. [1]
Climate charts provide an overview of the climate in a particular place. The letters in the top row stand for months: January, February, etc. The bars and numbers convey the following information: The blue bars represent the average amount of precipitation (rain, snow etc.) that falls in each month.
Cointegration is a crucial concept in time series analysis, particularly when dealing with variables that exhibit trends, such as macroeconomic data. In an influential paper, [ 1 ] Charles Nelson and Charles Plosser (1982) provided statistical evidence that many US macroeconomic time series (like GNP, wages, employment, etc.) have stochastic ...