Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

The present thesis studies the consequences of the financial expansion initiated at the end of The Glorious Thirty to spur a declining economic growth. Incidentally, this work questions the issue of measuring economic regularities through econometric tools. Thus, the first chapter carries out an...