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

Of course, no one would deny that there are cyclical elements in the downturn of 2008.

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

For example, the surge in oil prices since 2003 and the policy stimuli to restore the United States economy from the cyclical downturn of 2000 2001 have increased its current account deficit.

Of course, no one would deny that there are cyclical elements in the downturn of 2008. But they were accompanied by structural imbalances that had been building over at least 15 years, and that are at the heart of the US economy s inability to bounce back in a normal cyclical way.

That's a cyclical process.

One linear, one cyclical.

This partially cushions the downturn.

In other cultures, time is cyclical.

Even if a country ran budget deficit because a cyclical downturn caused a fall in tax revenue and an increase in social transfers, it should be required to raise taxes or cut spending to restore a balanced budget.

Every downturn comes to an end.

And there is a slight downturn.

Surely, today s low volatility is partly cyclical.

In addition, studies confirm that whereas remittances have been positively correlated to growth in host countries, they tend to be counter cyclical in nature, as emigrants tend to send more money in times of economic downturn in their homelands.

But this is a synchronous global downturn.

You might call it an economic downturn.

China s economic problems are more structural than cyclical.

And, finally, America has exported its economic downturn.

This realignment theory helps explain the current downturn.

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.

Yet, ugly or not, the downturn will eventually end.

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.

Keynes demonstrated that the main cause of bouts of heavy and prolonged unemployment was not worker encroachment on profits, but the fluctuating prospects of private investment in an uncertain world. Nearly all unemployment in a cyclical downturn was the result of the failure of investment demand.

While this development had been attributed by a number of delegations from developed and developing countries to cyclical factors associated with the downturn in economic activity, a number of delegations from developed countries emphasized that structural and policy related factors had also played an important role.

Most Americans, however, are focused on today s downturn, not tomorrow s.

The downturn caused the deficits, not the other way around.

The situation was exacerbated by the economic downturn after 2008.

This may not be popular, especially in an economic downturn.

A downturn, however, usually exposes or sharpens latent social tension.

Now you see this slight downturn at very advanced ages.

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

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.

As the downturn deepens, several countries may, for example, face bankruptcy.

It is now clearly in territory that implies an economic downturn.

In the Great Depression, bank collapses made the downturn far worse.

The question is how long and deep this downturn will be.

This year the downturn affected both oil exporting and other countries.