Working Papers present research work by both Danmarks Nationalbank’s employees and our partners. Working Papers are primarily targeted at professionals and people with an interest in central banking research as well as economics and finance in a broader sense.


Seasonal adjustment of Danish financial time series using the X-12-ARIMA procedure

Danmarks Nationalbank has in November 2006 started to publish five seasonally adjusted financial time series. The series chosen for seasonal adjustment are monthly series for currency in circulation, the money stock measures M1 and M2 and the MFI sector's lending to households and to non-financial corporations. The purpose of this working paper is to present and document the applied adjustment procedures. The paper is structured as a detailed guide to theoretical considerations and to the practical implementation. The models and the seasonally adjusted data will be subject to annual revisions in accordance with the general revision policy as defined by Statistics.