Abstract
Several studies indicate that seasonal variation is an important component of economic variables (see, inter alia, Ghysels et al. 2000), favouring therefore the use of seasonally undajusted data in empirical work. Seasonality is not necessarily fixed over time, despite the fact that the calendar does not change. Thus, for example, the impact of Christmas on consumption or of the summer holiday period on production may evolve over time, despite the timing of Christmas and the summer remaining fixed. Hence, depending on the nature of the series under study, seasonality in economic time series may be essentially stochastic or may be essentially deterministic. In particular, determining whether the seasonal pattern in economic time series changes over time due to the presence of unit roots at the zero and seasonal frequencies has been of considerable interest. It is frequently the case that seasonal economic time series exhibit nonstationary stochastic seasonality, which is a characteristic that has prompted the development of several seasonal unit root tests in the econometric literature (see, inter alia, Breitung and Franses 1998; Dickey et al. 1984; Hylleberg et al. 1990; Osborn et al. 1988; Taylor 1998; Osborn and Rodrigues 2001; Rodrigues 2002; and Rodrigues and Taylor 2004a, b).
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Salish, N., Rodrigues, P.M.M. (2011). Panel Seasonal Unit Root Tests: An Application to Tourism. In: Matias, Á., Nijkamp, P., Sarmento, M. (eds) Tourism Economics. Physica-Verlag HD. https://doi.org/10.1007/978-3-7908-2725-5_12
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