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The purpose of this thesis is to explore the lead-lag relations of Taiwan’s business cycles to 'the production value of Manufacture of Furniture' , 'revenues of building materials, wholesale' , 'revenues of building materials, retailing' from January 1993 to December, 2017, totaling 300 months. To compare them with Taiwan's business cycles, we apply the business indicators in Taiwan published by the National Development Council and the TEJ as well as the highest and lowest points of the stock market index. The results of the research are as follows:
1.Around the business cycle reach to the peaks and lows:
Other non-metallic furniture manufacturing industries are behind the peak or bottom, indicating that the economy will rise or fall, and will increase or decrease the production value of other non-metallic furniture manufacturing industries.
2.Around the business cycle reach to the peaks and the stock-market reach to the highs:
The percentage difference of other non-metallic furniture manufacturing industry, building materials wholesale industry, implying that those are affected more by the fluctuations of business cycle.
3.Leading/lag indicators during the peak period of the stock market:
wooden furniture manufacturing, metallic furniture manufacturing, the production value of other non-metallic furniture manufacturing and 'revenues of building materials, wholesale' , are behind the peak, can be used as a backward indicator during the peak period of the stock market.
4.Around the business cycle goes to lows:
The production value of the metallic furniture manufacturing industry has reached the bottom of the valley.
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