Appendix D Methods for Computing Cyclical and Trend Graduations and Moving Seasonals

Frederick R. Macaulay, Some Theoretical Problems Suggested by the Movements of Interest Rates, Bond Yields and Stock Prices in the United States since 1856 (NBER, 1938), https://www.nber.org/books-and-chapters/some-theoretical-problems-suggested-movements-interest-rates-bond-yields-and-stock-prices-united/appendix-d-methods-computing-cyclical-and-trend-graduations-and-moving-seasonals.