| The employment rate is procyclical, when the economy is doing well more people are working, when it's not doing well, fewer people are working. |
| I would argue that the policies that were most procyclical in recent years were housing finance policies. |
| Currency problems are procyclical, which is to say that they create their own momentum. |
| They use deceptively intuitive procyclical arguments to line their own pockets. |
| The negative relationship in the models they review arises from procyclical movements in real interest rates and in inflation. |
| It failed to prevent or deal with financial crises in emerging markets because of its aggressively procyclical conditionalities. |
