This is what a discussion at WebmasterWorld Forums seems to be indicating. One of the members commented that:
I pause my ads for a fortnight over Xmas each year and strangely as soon as they are turned on again the number of conversions I get jumps up to above the pre-pause figures for about a week and then settles down again. If anything in the past three years then pausing the ads has done me nothing but good.
However, there were other members who think that it might negatively affect your ads "history", like CTR. As in if you are showing along the top when you decide to quit, it might take longer to get back up there when you resume. So others say that it might result in rise of cost per click prices and average positioning of the ads.
The experiences were not uniform and the effect of pausing can at best be neutral.