This paper extends the methodology for a simultaneous detecting of business and growth cycle, already developed for the euro area, to its major member countries. The best performing indicators for each country are identified through a simulation exercise. An indirect pair of turning point...

In the paper we introduce a system for statistical detection of turning points in the euro area based on the class of multivariate Markov-switching models. Component series considered in the application are monthly short term statistics released by Eurostat, business and consumer surveys...