Nearly all unemployment in a cyclical downturn was the result of the failure of investment demand.

Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient demand unemployment.

That approach might have worked had the US economy been afflicted by a cyclical disease a temporary shortfall of aggregate demand.

That's a cyclical process.

One linear, one cyclical.

(Technically, the pace of inventory investment should be included, but this is a cyclical buffer between production and sales rather than a source of final demand.)

In other words, Americans have much farther to go on the road to balance sheet repair which hardly suggests a temporary, or cyclical, shortfall in consumer demand.

In other cultures, time is cyclical.

Surely, today s low volatility is partly cyclical.

The high unemployment currently afflicting the North Atlantic, critics of government stimulus maintain, is not cyclical but structural, and thus cannot be alleviated by policies that boost aggregate demand.

China s economic problems are more structural than cyclical.

To understand why, let s start with the cyclical recovery.

The design of counter cyclical financial regulation was seen as another possible way to compensate for the pro cyclical nature of private financial markets.

Nowadays, however, a cyclical collapse comes as a great surprise.

Copper and aluminium prices are expected to show cyclical variations.

The ground reality is based on a cyclical world view.

The cyclical component, for instance, should be self adjusting as the relevant cyclical forces abate if oil prices decline, the United States current account deficit should narrow.

Instruments to counteract the pro cyclical performance of private capital flows by encouraging counter cyclical flows included commodity and GDP linked bonds and, especially, local currency financing.

Steeped in denial, the Federal Reserve is treating the disease as a cyclical problem deploying the full force of monetary accommodation to compensate for what it believes to be a temporary shortfall in aggregate demand.

But the US is not suffering from a temporary, cyclical malady.

Central banks can play an important role in a cyclical downturn.

Those who never experience depression also experience cyclical changes in mood.

The global steel market has historically been marked by cyclical fluctuations.

International financial institutions should also proceed in a counter cyclical manner.

Unfortunately, current policy is justified in terms of pro market effectively pro cyclical choices. But it is counter cyclical efforts, institutions, and instruments that are sorely needed instead.

FLORENCE The nineteenth century was mesmerized by the cyclical behavior of business.

But there is also a cyclical element to the flowering of finance.

This consolidation could help the industry to weather cyclical downturns more effectively.

Ask questions, demand proof, demand evidence.

Kenen was mainly concerned with short term transfers to smooth out cyclical bumpiness.

The overdraft facility could again be financed with counter cyclical issues of SDRs.

For nothing converts cyclical unemployment into structural unemployment more certainly than prolonged unemployment.

There is some indication of the cyclical and inter generational nature of neglect.

For now, the Chinese economy, having received its cyclical dose of stimulus, should be okay. By the end of the year, however, the costs of the structural adjustment needed to shift China s growth model away from investment demand could rise further.

Policy harmonization, rather than separation, seems to be the key to happy cyclical endings.

Unfortunately, current policy is justified in terms of pro market effectively pro cyclical choices.

But it is counter cyclical efforts, institutions, and instruments that are sorely needed instead.

Energy policy has been pro cyclical the opposite of saving for a rainy day.

However, these flows tend to be more volatile than official flows and pro cyclical.

Conceptually, the global imbalances can be decomposed into three components cyclical, structural and institutional.

Demand!

Demand?

The world s major developed economies are not suffering from cyclical deficiencies in aggregate demand that are amenable to a monetary cure. As the Bank for International Settlements correctly points out, they are still struggling in the aftermath of wrenching balance sheet recessions.

Unlike a normal cyclical recession, in which demand falls across the board and recovery requires merely rehiring laid off workers to resume their old jobs, economic recovery following a lending bust typically requires workers to move across industries and to new locations.

The guidelines correctly emphasize that these regulations should complement, not replace, counter cyclical macroeconomic policies.