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The sensitivity of Pulsar Timing Arrays to gravitational waves depends on thenoise present in the individual pulsar timing data. Noise may be eitherintrinsic or extrinsic to the pulsar. Intrinsic sources of noise will includerotational instabilities, for example. Extrinsic sources of noise includecontributions from physical processes which are not sufficiently well modelled,for example, dispersion and scattering effects, analysis errors andinstrumental instabilities. We present the results from a noise analysis for 42millisecond pulsars (MSPs) observed with the European Pulsar Timing Array. Forcharacterising the low-frequency, stochastic and achromatic noise component, or"timing noise", we employ two methods, based on Bayesian and frequentiststatistics. For 25 MSPs, we achieve statistically significant measurements oftheir timing noise parameters and find that the two methods give consistentresults. For the remaining 17 MSPs, we place upper limits on the timing noiseamplitude at the 95% confidence level. We additionally place an upper limit onthe contribution to the pulsar noise budget from errors in the referenceterrestrial time standards (below 1%), and we find evidence for a noisecomponent which is present only in the data of one of the four used telescopes.Finally, we estimate that the timing noise of individual pulsars reduces thesensitivity of this data set to an isotropic, stochastic GW background by afactor of >9.1 and by a factor of >2.3 for continuous GWs from resolvable,inspiralling supermassive black-hole binaries with circular orbits.

The noise properties of 42 millisecond pulsars from the European Pulsar Timing Array and their impact on gravitational wave searches