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Time series analysis and regression

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(a) Choose one category of consumer credit and plot it.
(b) Describe the trend (if any) and discuss possible causes.
(c) Fit a trend model of your choice.
(d) Make a forecast for 2004, using a trend model of your choice. Note: Revolving credit is mostly credit card and home equity loans, while non-revolving credit is for a specific purchase such as a car.

Consumer Credit Outstanding, 1994-2003 ($ billions):

Year Total Revolving Non-revolving
1995 1,141 443 698
1996 1,242 499 743
1997 1,305 522 783
1998 1,400 563 837
1999 1,513 590 922
2000 1,686 659 1,027
2001 1,822 704 1,118
2002 1,903 828 1,186
2003 2,002 745 1,257

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The solution provides step by step method for the calculation of time series model . Formula for the calculation and Interpretations of the results are also included.

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