The EU Commission's analysis of the pact considers in particular whether the medium-term budgetary target provides a sufficient margin for normal cyclical fluctuations without exceeding the reference value of 3 percent of GDP.
12.
Until 1983, he served as a professor at Carnegie-Mellon University, where he worked jointly with Edward C . Prescott on business cycle, and developed the Hodrick Prescott filter to distinguish trends from cyclical fluctuations.
13.
The four-year gap between the time a coffee tree is planted and the time of the first harvest magnified cyclical fluctuations in coffee prices, which in turn led to the increasing use of government price supports during periods of excess production.
14.
In 1940, Ludwig von Mises wrote, " The popularity of inflation and credit expansion, the ultimate source of the repeated attempts to render people prosperous by credit expansion, and thus the cause of the cyclical fluctuations of business, manifests itself clearly in the customary terminology.
