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A considerable part of the economic literature focuses on the sources and mechanisms of economic cycles. The bulk of this literature, including Real Business Cycle theory (see e.g. papers of Kydland and Prescott 1982, Prescott 1986, King, Plosser, and Rebelo 1988) or New-Keynesian theory (see e.g. Woodford 2003, Smets and Wouters 2003, Christiano, Eichenbaum, and Evans 2005), aim at explaining business cycles. Business cycles are usually defined, following a seminal contribution of Burns and Mitchell (1946), as fluctuations with periodicity between 1 and 8 years. But in the recent years, there has been a growing recognition of the importance of economic cycles that last more than 8 years - the so called medium term cycles.
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