Eine der größten Herausforderungen für die Konjunkturforschung ist es, konjunkturelle Wendepunkte frühzeitig und zuverlässig zu erkennen. Die Datenlage in Echtzeit ist dabei grundsätzlich problematisch: Einerseits gibt es bei realwirtschaftlichen Indikatoren eine...

In this paper we present two new composite leading indicators of economicactivity in Germany estimated using a dynamic factor model with and withoutregime switching. The obtained optimal inferences of business cycle turningpoints indicate that the two-state regime switching procedure leads to...

The dichotomous characterization of the business cycle in recessions and expansions has been central in the literature over the last fifty years. However, there are various reasons to question the adequacy of this dichotomous approach for our understanding of business cycle dynamics, as well as...