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...Short term analysis of macroeconomic time series agustin maravall banco de espana servicio estudios documento trabajo n in publishing this the seeks to disseminate studies interest that will help acquaint readers better with spanish economy analyses opinions and findings these papers represent views their authors they are dot necessarily those issn isbn depsito legal m imprenta del abstract paper deals statistical treatment data for run economic monitoring control main applications forecasting unobserved components estimation including trend cycle most often seasonal adjustment briefly reviews some recent developments field both at methodological applied levels then it is argued a fairly general approach based on signal extraction methods arlma models gradually spread as dominant methodology last section contains word caution illustrates danger applying tools long...