My instructor stated that when the dependent variable is 1st differenced, the constant term represents the deterministic change or trend in the dependent variable.
When I search for information about deterministic trends, I am getting conflicting/confusing results. The site below describes the differences between trend-stationarity and difference-stationarity.
What I am taking from this website is that differencing the data does not result in a constant term that can be represented as a deterministic trend. And if the series contains a deterministic trend, differencing is usually not performed.
Can someone help clarify this for me?