Hi Nick,
If you are using adf.test() from tseries, then the reason is the
linear trend incorporated into the regression. From the help: "The
general regression equation which incorporates a constant and a linear
trend is used and the t-statistic for a first order autoregressive
coefficient equals
Your series shows a strong seasonal pattern that looks fairly constant. I
would think that the adf style test is not appropriate. What are you
trying to achieve?
John C Frain
3 Aranleigh Park
Rathfarnham
Dublin 14
Ireland
www.tcd.ie/Economics/staff/frainj/home.html
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