This dissertation consists of three independent research papers and contributes to the empirical analysis of the interaction between business and financial cycles from different perspectives. The first paper uses a non-linear multilevel dynamic factor model to better understand the changing...

The most recent economic downturn has shown that economic activity nowadays is still prone to large fluctuations. Despite a long tradition of research, the understanding of such fluctuations, namely business cycles, is still far from comprehensive. Moreover, in a developing world with new...