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                            ECRI Insights

                            网上棋牌游戏哪个好Over three generations of business cycle research, we have helped to advance the understanding of business cycle dynamics, some of which we have shared publicly.

                            The excerpts and papers collected here reflect a sampling of important concepts pioneered by our research group.

                            Ideas

                            • July 2019 | by ECRI

                              The Fed has been confounded by its inability to get inflation to rise, having lost its institutional memory about inflation cycles, which are distinct from business cycles. This has undermined its credibility, with promises of monetary policy tightening running into cyclical downturns in growth and inflation. This would not be the case if it looked to leading indicators of the inflation cycle for forward guidance, as it once did.

                            • February 2018 | by ECRI

                              Notwithstanding a cyclical upturn in global growth, the long-term structural decline in advanced-economy trend growth is not over, despite wishful thinking to the contrary. But when that mistaken belief drives an international shift from quantitative easing to quantitative tightening, monetary policy goes on a collision course with the economic cycle.

                            • February 2017 | by ECRI

                              Despite the attention garnered by consensus forecasts of both the long-term and nowcast varieties, they consistently fail to anticipate turning points in the economy. Leading indexes like the ECRI's U.S. Long Leading Index, on the other hand, are specifically designed to anticipate cyclical turning points, and lead them fairly consistently.

                            • Grand Experiments That Are Too Big to Fail

                              January 2016 | by ECRI

                              By clinging to unrealistic growth expectations, the economic establishment has effectively bet everything on the success of these grand experiments, and the risk of losing that bet is rising inexorably. Ultimately, only policies that genuinely address the challenges of demographics and productivity have a chance to succeed. It is high time for that discussion to begin.

                            • The Yo-Yo Years

                              March 2012 | by ECRI

                              The convergence of two cyclical patterns virtually dictates an era of more frequent recessions in developed economies. As a result, and because of the Bullwhip Effect, growth in developing economies is going to be jerked around more than people think, making for a good deal of cyclical economic contagion. In other words, we are now in the yo-yo years.

                            • More Frequent Recessions

                              March 2010 | by ECRI

                              网上棋牌游戏哪个好The convergence of lower trend growth and higher cyclical volatility will lead to more frequent recessions, keeping the jobless rate cycling around high levels and spelling the death of buy-and-hold strategies for stocks.

                            • When to Put Your Money Under Your Mattress

                              October 2009 | by ECRI

                              Selling (buying) stocks before recessions (recoveries) based on ECRI's real-time calls would have doubled the returns from a buy-and-hold strategy, beating the S&P by more than eight percentage points a year over the past decade.

                            Papers

                            • June 2016 | by ECRI

                              Policies rooted in overly optimistic assumptions about trend growth and mistaken notions about business cycle dynamics are key to the "productivity puzzle."

                            • January 2015 | by ECRI

                              There is a near-universal consensus that the U.S. has experienced a "subpar" recovery from the Great Recession. But the pace of that revival has been fairly consistent with historical patterns. In other words, nothing more by way of growth is owed to us by the business cycle.

                            • July 2012 | by ECRI

                              The convergence of two cyclical patterns virtually dictates an era of more frequent recessions in developed economies. As a result, and because of the Bullwhip Effect, growth in developing economies is likely to be jerked around more many realize, making for a good deal of cyclical economic contagion. In other words, we are now in the yo-yo years.

                            • How Well Does the Yield Curve Predict Recessions? An International Comparison

                              June 2011 | by ECRI

                              网上棋牌游戏哪个好The yield spread's popularity is due to its "success" in predicting U.S. recessions. Based on ECRI's international recession dates, we find it to be an unreliable predictor of international recessions - especially with rates at zero.

                            • The Resurrection of Risk

                              November 2001 | by ECRI

                              By the turn of the century, many were proclaiming the death of the business cycle. But risk has returned. Because technology and globalization can both reduce and increase risk, both economies and markets will stay volatile.

                            ECRI History

                            ECRI History

                            Three generations of cycle research.

                            View the Timeline

                            Testimonial

                            In the opinion littered world of economic forecasting, ECRI is Mr. Spock - deeply analytical, dispassionate, and accurate.
                            - ECRI Client
                            I have to pay attention to those people and indicators that have pointed in the right direction - even when they've gone against the crowd (and my opinion at the time). One such outfit is the Economic Cycle Research Institute, whose various leading indicators actually have done just that - lead where things were headed.
                            - Randall Forsyth, Barron's
                            As an investment strategist, I need to navigate the many twists and turns in the emerging economic landscape with as much foresight as possible to know when to take or avoid risk. In this quest, ECRI's array of leading indices, specifically designed to predict and navigate economic turning points, have been an indispensible tool.
                            - ECRI Client
                            [T]he Economic Cycle Research Institute [is] a private forecasting group with an excellent track record.
                            - The New York Times
                            ECRI has had a very stellar record. They've been making pretty bold calls and going against the conventional wisdom. So far their record has been one of the most impressive, and has been written up in the press as well as talked about in policy circles.
                            - IMF
                            ECRI can justify a certain smugness now that business cycles are back in fashion. The institute called the last two recessions and the current recovery months ahead of the pack.
                            - Harvard Business Review
                                       

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