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multi country business cycle and growth model. Economic Papers , No. 123. October. Romer, P. M. (1986): Increasing returns and long run growth. Journal of Political Economy , 94(5): 1002

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Blackburn, K. — Pelloni, A. (2002): Growth, Cycles and Stabilisation Policy. University of Manchester, Centre for Growth and Business Cycle Research, Discussion Paper , No. 012. Blackburn, K. — Pelloni, A. (2004

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2001 55 349 358 Danthime, J. P. — Kurmann, A (2004): Fair Wages in a New-Keynesian Model of the Business Cycle

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Shumpeter, J.A. (1912/1934): The Theory of Economic Development. An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle . Cambridge, MA: Harvard University Press. Shumpeter JA

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Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle . Harvard: Harvard University Press. Schumpeter J. A. The Theory of

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Policy and Business Cycles . London: Allen and Unwin. Hansen , A. H. ( 1954 ): Growth or Stagnation in the American Economy . Review of Economics and Statistics 36 : 409

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on the business cycle, while very few focused on the potential implications of monetary policy on the financial cycle itself. Financial cycles have different characteristics than economic cycles. Financial cycles have a medium-term character, are

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Society and Economy
Authors: Harun Ercan, Ilhami Karahanoglu, and György Walter

. ( 2018 ): Does Islamic Banking Offer a Natural Hedge for Business Cycles? Evidence from a Dual Banking System . Journal of Financial Stability 36 : 22 – 38 . https://doi.org/10.1016/j.jfs.2018

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. ( 2018 ): Does Islamic Banking Offer a Natural Hedge for Business Cycles? Evidence from a Dual Banking System . Journal of Financial Stability 36 : 22 – 38 . https://doi.org/10.1016/j.jfs.2018

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in Europe – Business Cycle and Institutional Effects . International Economics and Economic Policy 13 ( 1 ): 5 – 25 . 10.1007/s10368-015-0331-1 Edmunds , J. – Turner , B. S . ( 2002 ): Generations, Culture, and Society . Philadelphia : Open

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