The Conventional Treatment of Seasonality in Business Cycle Analysis: Does it Create Distortions?
NBER Technical Working Paper No. 266
'No.' So says one model that is broadly consistent with postwar U.S. seasonal and business cycle data.
Published: Christiano, Lawrence J. and Richard M. Todd. "The Conventional Treatment Of Seasonality In Business Cycle Analysis: Does It Create Distortions?," Journal of Monetary Economics, 2002, v49(2,Mar), 335-364.