Skip Main Navigation Skip To Navigation Content

X-13ARIMA-SEATS Seasonal Adjustment Program

You are here: Census.govSubjects A to ZX-13ARIMA-SEATSSeasonal Adjustment PapersPapers by Year › Abstract of Findley and Monsell (2009)
Skip top of page navigation

Modeling Stock Trading Day Effects Under Flow Day-of-Week Effect Constraints

David F. Findley(1), Brian C. Monsell(2)


By deriving an invertible linear relation between stock and flow trading day regression coefficients, we show how flow day-of-week effect constraints can be imposed upon the day-of-week effect component of the stock trading day model of Bell used in X-12-ARIMA. As an application, a new one-coefficient stock trading day model is derived from the constraints that give rise to the one-coefficient weekday-weekend-contrast flow trading day model of TRAMO and X-12-ARIMA. We present summary results and some details of a quite successful application of the new model to the manufacturers' inventory series of the U.S. Census Bureau's M3 Survey.


Time series; RegARIMA models; Seasonal adjustment; Trading day adjustment; X-12-ARIMA; X-13A-S; M3 Survey

(1) David F. Findley was the Senior Mathematical Statistican for Time Series and is now a consultant, U. S. Census Bureau, 4600 Silver Hill Road, Washington, DC 20233. +email :

(2) Brian C. Monsell is Mathematical Statistician, Center for Statistical Research and Methodology, U.S. Census Bureau, 4600 Silver Hill Road, Washington, DC 20233. email :

[PDF] or PDF denotes a file in Adobe’s Portable Document Format. To view the file, you will need the Adobe® Reader® Off Site available free from Adobe.

This symbol Off Site indicates a link to a non-government web site. Our linking to these sites does not constitute an endorsement of any products, services or the information found on them. Once you link to another site you are subject to the policies of the new site.

Source: U.S. Census Bureau | Center for Statistical Research and Methodology | (301) 763-1649 (or |  Last Revised: April 02, 2015