smooth(#) sets the smoothing parameter for the Hodrick–Prescott filter. By default, if the units of the time variable are set to daily, weekly, monthly, quarterly, half-yearly, or yearly, then the Ravn–Uhlig rule is used to set the smoothing parameter; otherwise, the default value is smooth(1600). The Ravn–Uhlig rule sets # to 1600*(p_q)^4, where p_q is the number of periods per quarter. The smoothing parameter must be greater than 0.