In this paper, we investigate the impact of the adjustment for seasonal effects with different seasonal adjustment … methods, the possible pre-treatment for calendar effects and the different order of aggregation and adjustment for the … seasonal adjustment and aggregation has only minor effects on the determined turning points of the European business cycle. 2 …

of seasonal adjustment will persist when extracting the business cycle. Moreover, since raw figures imply problems in … consequence, the problem of choosing between direct and indirect both in seasonal adjustment and in business cycle extraction … coming from both direct and indirect seasonally adjustment approach and then compared the relative results. …