台灣最近正經歷一次嚴重的經濟衰退，影響層面甚廣，社會大眾皆關心台灣經濟何時才能脫離這次嚴重的不景氣，轉而邁入經濟復甦 ? 本文嘗試回答上述問題。根據經建會所編制之「景氣對策信號」資料，並透過嚴謹的計量模型 (馬可夫轉換模型)，本文的實證結果發現不管是樣本內或樣本外之預測結果，台灣第十次的景氣循環週期始於2000年9月，而於2001年10月結束。換言之，台灣第十次景氣循環的持續期間約為14個月，台灣目前的經濟情勢應該已脫離這次嚴重的不景氣。

　　　　　 This paper plans to answer the question: How and when will we know whether Taiwan's latest recession is over? We employ a monitoring indicator in terms of the Markov-switching factor model to evaluate the in-sample and out-of-sample performances. The empirical results suggest that, for both real-time probabilities and smoothed probabilities of the monitoring indicator growth rate in terms of the Markov-switching factor model, the 10 th business cycle started in September 2000 and ended in October 2001. In addition, both the in-sample and out-of-sample posterior probabilities predict the duration period for the 10 th business cycle lasted only about 13 or 14 months.