Denise Osborn

Feb 25, 2024 | onlinelibrary.wiley.com | Jing Tian |Jan Jacobs |Denise Osborn

1 Introduction Over many decades, economists have sought to understand the drivers underlying the time series evolution of series of interest. The notion that a series can be decomposed into components that are not directly observed is, therefore, deeply embedded in empirical economic analyses. In particular, unobserved components (UC) models enable researchers to study trends, cycles and seasonality as separate phenomena of interest.