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Business Cycle Co-Movement: A Robust Analysis . Journal of Monetary Economics , 52 ( 1 ): 113 – 157 . Beck , T. – Demirgüç-Kunt , A. – Levine , R. ( 2010 ): Financial

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Workplace . Albany, NY : State University of New York Press . Russell , R. and Hanneman , R. ( 1992 ): Cooperatives and the Business Cycle: The Israeli Case . Journal of Comparative

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the absence of a shock. Martin (2012) has proposed the use of the first approach (what we are going to call the country approach), 12 while the second (what we call the business cycle approach) has been advanced by Han – Goetz (2015) and

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Economics and Business Research , 1 ( 2 ): 65 – 74 . Tomic , D. – Kenjereš , M. ( 2015 ): New Insights in Business Cycle Coherence; Empirical Evidence from Slovenia . 34th

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. Washington, D.C. Iossifov , P. ( 2014 ): Cross-Border Production Chains and Business Cycle Co-Movement between Central and Eastern European Countries and Euro Area Member

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economic policy understood in such a way that within the business cycles a level of interest rate or budget deficit was changing more extensively. In order to set a dominant option of economic policy they used a pendulum model, in which economic policy was

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– 93 . 10.1111/jofi.12591 BIS ( 2011 ): Global Liquidity – Concept, Measurement and Policy Implications . BIS CGFS Publications , No. 45, November . Bjornland , H. C. ( 2000 ): Detrending Methods and Stylized Facts of Business Cycles in Norway

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. The Royal Swedish Academy of Sciences ( 2004 ): Finn Kydland and Edward Prescott’s Contribution to Dynamic Macroeconomics: The Time Consistency of Economic Policy and the Driving Forces behind Business Cycles . October 11, https

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could not be considered as the Acts of God, and, to some extent, they could be anticipated. In recent decades, business cycles, such as the Great Depression of the 1930s and the Great Recession of 2008-9, attracted the attention of

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Neumann, J. von (1963): Collected Works. London: Pergamon Press. Collected Works. Schumpeter, A. (1939): Business Cycles. New York

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