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Seeks to demonstrate that the Talmudic scholars possessed theoretical knowledge and practical experience regarding the market phenomenon of business disturbances, recognizing the existence of a causal relationship between the physical determinants of the cycles of the weather patterns and the fortunes of the agricultural sector, a condition which affected the economy as a whole. Discusses this linkage with respect to the insights in Johanan′s works. These come close to Hawtrey′s view of the business cycle as a monetary phenomenon, on the one hand, and Samuelson′s discussion of “supply shock” as a result of “...droughts and crop failures in agriculture”, on the other. Johanan also recognized the existence of a quantitativerelationship between money and prices, and prices and incomes. This suggests that the Talmudic scholars had come to appreciate the fundamentals of what was later to emerge as the quantity theory of money.

In recent years, fast urban expansion in China has stimulated rapid energy consumption growth and increased environmental pollution. Therefore, it is important to utilize clean and renewable energy in district heating for the sustainable urban development. This study aimed to investigate the environmental and economic impacts of one hot dry rock (HDR) geothermal energy-based heating system in a life cycle framework.

By using the input–output-based life cycle analysis model, the energy consumption, CO₂ emission and other pollutants of the HDR-based heating system were evaluated and then compared with those of other four heating systems based on burning coal or natural gas. The life cycle costs of the HDR-based heating system were also analyzed.

The results showed that using HDR geothermal energy for heating can significantly reduce fossil fuel consumption, CO₂ emission as well as environmental pollution, and its life cycle costs are also competitive.

This study not only evaluated the environmental and economic impacts of the HDR-based heating system in a life cycle framework but also provided a methodological life cycle assessment framework that can estimate both economic and environmental benefits, which can be used in policy making for China’s urban development.

This study seeks to determine in some detail whether the state of the economic cycle matters in considering the effects of fiscal policy shocks on output.

This issue leads us to two primary objectives: to define the economic cycle measuring the gap with the unobserved component model with a smoother trend, which can be used efficiently to generate gap measures for use in real-time decision-making and avoids the criticisms of measures based on contentious structural models; and to look empirically at the fiscal policy stance over the phases of the cycle, bearing in mind the short time variation and smooth change between the cycle regimes.

This paper provides evidence that the fiscal policy rule seems to operate with varied coefficients depending on whether the transition variable is below or above the estimated threshold value.

The asymmetric response gives policymakers the impetus to reconsider the fiscal policy framework because of specific circumstances, such as shocks that can dramatically affect the nominal features of the business cycle. Put differently, stable and moderate fiscal policies would at least not contribute to cyclical fluctuations, and therefore would be better than what we have typically experienced. There would, therefore, seem to be a distinct need to address the properties of economic cycles under different fiscal policy rules.

This paper aims to identify the economic stimulus measures that ensure stability of the Lithuanian housing market in the event of an economic shock.

The econometric analysis includes stationarity test, Granger causality test, correlation analysis, autoregressive distributed lag models and cointegration analysis using ARDL bounds testing.

The econometric modelling reveals that the housing price in Lithuania correlates with quarterly changes in the gross domestic product and approves that the cycles of the real estate market are related to the economic cycles. Economic stimulus measures should mainly focus on stabilizing the economics, preserving the cash and deposits of households, as well as consumer spending in the case of economic shock.

This study is beneficial for policy makers to make decisions to maintain stability in the housing market in the event of any economic shock.

The purpose of this research note is to investigate the implications of supply chain management of e‐business for the macroeconomic phenomenon of business cycles.

The paper provides a list of propositions, which form the broad basis of an empirical research agenda, to explore and investigate the mechanisms through which supply chain innovations can influence business cycle.

Economic research literature has pointed out that there are linkages between inventory investment and business cycle fluctuation. Given that the e‐business supply chain management drastically alters inventory investment across a range of industries, it is likely to affect the behaviour of economic fluctuation.

This research has the potential to contribute to a better‐informed formulation of economic policies at national and global level.

This paper aims to review property cycle theory and the relevance of the larger body of knowledge about cycles with reference to the housing market. It also aims to highlight the lack of research into property cycles in the residential sector on a suburb or smaller region basis, as well as the potential for increased knowledge about cycles to assist to avoid housing stress.

The paper conducts a literature review of previous cycle research and encourages the use of cycle theory. It discusses the established body of knowledge about business cycles and the office market sector, as well as investigating levels of housing affordability and how detailed knowledge about property cycles can assist to decrease housing affordability in residential areas, which will eventually experience a downturn.

It is argued that an increased level of certainty about cycle behaviour in particular suburbs will give households a higher level of confidence when considering whether and when to enter the market. Property cycle research has the potential to assist low‐income homeowners to better understand the characteristics of cycles and associated risks in each residential.

This is a conceptual paper and has conducted a review of cycle research and housing affordability in certain countries. Some areas or countries may be affected to varying degrees by property cycles and levels of housing affordability.

In extended periods of high volatility it is argued that a better understanding of housing cycles will allow more homeowners to avoid negative equity and the stress associated with repossessions. Property cycles are unavoidable although there is typically relatively little information available in the open market about the timing and amplitude of cycles in individual areas.

This paper is unique as it highlights the potential for property cycles to be used to avoid housing stress in the residential market. Traditionally cycle research is used to increase returns and avoid downturns in the office and/or business sectors.

In the conventional positive neoclassical economics, the underlying behavioral assumptions concerning government activity clearly contrast with those usually admitted for other economic agents. While the latter are assumed to seek their own private interest, although accomplishing in that way a social function, governments are assumed to have as their main objective the maximization of social welfare. Hence, the assumption that economic policies are intended to stabilize economic activity follows as a consequence. The inconsistency of this asymmetry between the treatment of government and other agents was clearly stressed by Downs (1957):

The purpose of this paper is to assess sub-national business cycle (BC) synchronization's impact on national cycles in four emerging markets economies with inflation targeting (IT-EMEs): Brazil, Colombia, South Korea and Mexico.

The authors use panel data models with fixed-effects and distributed lags.

The authors disclosed that sub-national synchronization increased national cycle amplitudes during expansion and recession phases. The authors also noticed that South Korea exhibited a more pronounced effect compared to Latin American countries, and this seemed to be associated with differences in the homogeneity of the production structures in the regions of these countries.

The authors cautioned that contrasting the findings with prior research on the effects of regional BC synchronization in IT-EMEs or with studies in different geographical contexts, is not possible due to the absence of prior research endeavors with this specific focus.

This study constitutes a first attempt to explain the impact of subnational cycle synchronization on the magnitude of national cycles in four IT-EMEs.

The purpose of this paper is to investigate the effect of macroeconomic factors in income growth, as defined by IS‐LM, and the relation between these factors and economic cycles. More precisely, the paper aims to investigate how the demand and supply factors affect income growth, while the relation between these factors and economic cycles is also examined.

The sample under examination is the annual US data for 1928‐2007, using the official data as released in the US Bureau of Economic Analysis, while for the crises the used data have been provided by the National Bureau of Economic Research, Graduate Center of the City University of New York. The Business Cycles were examined, using the methodology developed by the National Bureau of Economic Research, Graduate Center of the City University of New York.

The research findings imply that government consumption expenditure growth is the most important factor that affects Gross Domestic Product growth positively. A change of 10 percent in Government consumption leads to 1.65 percent Gross Domestic Product growth. Also, the duration of crises is affected by lowering interest rates, while being also affected by government and personal consumption. Overall, the empirical findings of the study indicate that the role of private investments for Gross Domestic Product growth may be overrated among policy makers, given the low contribution of this factor to Gross Domestic Product growth.

The model used has some limitations. First, it does not examine the effect of a policy over Gross Domestic Product growth in longer time‐spans. Second, it does not investigate factor inter‐reactions. It could also be argued that other factors that would stimulate growth or affect crisis are not accounted for, such as wars, tax policies, international trade and population growth. Finally, the model investigates only the US economy; therefore, it could be argued that the findings may not coincide with findings from other economies.

The paper contributes to the economics literature by adding a further insight into the possible mix of policy that could be followed by regulatory authorities and governments for both the boost of economy and the finalization of economic crises.

Considering the sectoral balance approach of Godley, and focusing only on the two main components of the private sector balance for the US economy (household and non‐financial corporate balance), the purpose of this paper is to investigate the relationship between these two sectors, the financial variables, and economic cycle. In particular, the paper considers all these relationships endogenously.

The authors estimate a structural VAR model between household and (non‐financial) corporate financial balances, financial markets, and economic cycle and the authors perform an impulse response analysis. All the variables are expressed as cyclical components applying the Hodrick‐Prescott filter.

The main result is that: household and corporate balances react to financial markets in the way the authors expected and discussed; the economic cycle influences the two financial balances; the corporate balance has a positive impact on the cycle; the economic cycle and financial balances influence the financial variables. In particular, the point that shows that the corporate balance has a positive impact on the cycle shows that the corporate balance is a leading component of the cycle as suggested by Casadio and Paradiso and accords with Minsky's theory of financial instability.

The analysis does not include the foreign sector (current‐account balance).

This study is an important step forward with respect to the two main contributions in literature which use this approach: the Levy Institute macroeconomic team and Goldman Sachs. Methodologically their models are based on assumptions (such as exogeneity or market clearing price mechanism for the financial markets) that the authors overcome considering all the relationships studied in an endogenous manner.