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Operational Time and Seasonality in Distributed Lag Estimation

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  • Peter K. Clark

Abstract

The following paper discusses the analysis of some types of economic time series using an altered time scale, or operational time. It is argued that for some series, observations that are ordinarily thought of as equidistant in time are actually irregularly spaced in a more natural time scale. Section A discusses point or impulse sampling of related series and the estimation of distributed lag relationships between them. Section B discusses time-aggregated sampling. In Section C, operational-time methods are used to calculate the distributed lag relationship between starts and completions for single-family dwellings in the United States. The results are statistically compared with those of ordinary distributed lag methods.

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  • Peter K. Clark, 1974. "Operational Time and Seasonality in Distributed Lag Estimation," NBER Working Papers 0032, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0032
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    1. Sims, Christopher A, 1971. "Discrete Approximations to Continuous Time Distributed Lags in Econometrics," Econometrica, Econometric Society, vol. 39(3), pages 545-563, May.
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