Ultimately I would like to have a set of indicators to describe an entire business cycle: long leading, short leading, coincident, short lagging, long lagging, and mid-cycle. A mid-cycle indicator is one that turns roughly in the middle of an economic expansion. It is a way to focus attention. Are we in the first part of an expansion, or are we at a point where we should begin to watch for a turn down in long leading indicators?
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