Table 3: Estimates of log first differenced series with monthly effects.

VariableCoefficientStandard errorPercent effect

January0.046970.108284.80884
February0.117130.1043912.42660
March−0.008340.10437−0.83026
April−0.130630.10435−12.24537
May0.081890.104358.53359
June0.003700.104340.37096
July−0.007510.10434−0.74837
August−0.088390.10434−8.45940
September−0.148060.10435−13.76162
October0.022610.104352.28687
November0.189970.1043720.92168
December−0.132160.10439−12.37984
Trend−0.003510.00754−0.35082

Note. Effect of January = .