Practical Time Series Analysis

Time series data

The example of cross-sectional data discussed earlier is from the year 2010 only. However, instead if we consider only one country, for example United States, and take a look at its military expenses and central government debt for a span of 10 years from 2001 to 2010, that would get two time series - one about the US federal military expenditure and the other about debt of US federal government. Therefore, in essence, a time series is made up of quantitative observations on one or more measurable characteristics of an individual entity and taken at multiple points in time. In this case, the data represents yearly military expenditure and government debt for the United States. Time series data is typically characterized by ...