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Given these developments, small businesses should be somewhat less vulnerable to a downturn in the economy than in the last business cycle.
In this paper we show how the business cycle creates disequilibrium and imbalances in the economy.
The model's regime probabilities provide an optimal statistical inference of the turning point of the European business cycle.
Even on the basis of half a business cycle there is no statistical evidence of a UK productivity spurt.
However, given the current upswing in the housing market, it will now be correctly timed to dampen the business cycle.
