Variable

Indicators of the phases of the business cycle

$P\text{\_}TNR{R}_{it}$

Boom period (calculation made by the authors using this formula): $P\text{\_}TNR{R}_{it}=T\dot{N}R{R}_{it}\ast T\dot{N}R{R}_{it}\left(>0\right)$

avec $T\dot{N}R{R}_{it}=\frac{TNR{R}_{it}-TNR{R}_{it}^{tendanciel}}{TNR{R}_{it}^{tendanciel}}$

$N\text{\_}TNR{R}_{it}$

Collapse period (calculation by the authors based on this formula): $N\text{\_}TNR{R}_{it}=T\dot{N}R{R}_{it}\ast T\dot{N}R{R}_{it}\left(<0\right)$ )