Interpreting Movements in Seasonally Adjusted Money-supply Data
指出季节性调整方法可能扭曲货币增长率的解读，通过对比不同调整方法在近期货币供应数据上的应用，重点分析所得税季节对货币变动的影响，帮助政策制定者更准确判断货币增长的持久性。
Since policymakers need to evaluate money-growth rates between dates of different seasons, they must estimate what portion of money growth is seasonally transient and what portion is enduring. Unfortunately, the process of identifying the seasonal component of a time series is not a perfect one, and it may introduce errors into the interpretation of the raw data. Alternative seasonal adjustment methods are applied to recent money supply data to illustrate this interpretation problem. Particular attention is paid to the influence of the income tax season on money supply changes.