Indeed, all four speakers at the SocGen event used a chart of the cyclically adjusted ratio.
The target measure was structural borrowing for current spending (the "cyclically adjusted current budget balance").
In the UK, the actual 2013 deficit projection meets the Toronto objective when cyclically-adjusted measure is used.
Bottom Line: Our bodies and minds work cyclically, moving from alert to tired about every 90 minutes.
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In fact, the organisation expects no further reduction in cyclically adjusted deficits in the next two years.
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It forecasts that the cyclically adjusted current budget will be in deficit when the next cycle starts in 2006-07.
In a cyclically soft setting, what we had, earnings decline 10 to 20%.
And for an industry that tends to move cyclically with the economy, the latest projections could bring some thin ice.
It could also coax Fannie and Freddie into operating counter-cyclically by building capital in good times and lowering requirements in falling markets.
Among other reasons, public sector dollars sometimes flow counter-cyclically to private sector.
That enabled GM to partake of the cyclically growing U.S. auto market in 2010 and turn a profit through the first three quarters.
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Although cyclically adjusted budget positions give a better picture of a country's fiscal health than headline surpluses or deficits, they tell only a partial story.
In many areas of the world, floods, cyclones, and earthquakes occur cyclically, regularly destroying buildings, homes, and schools and causing hundreds, even thousands, of deaths.
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The cyclically-adjusted price-earnings ratio (which smooths profits over ten years) is still 21.4, well above the historical average, according to Robert Shiller of Yale University.
On a cyclically adjusted price-earnings measure, which smooths profits over ten years, they trade on a multiple of 19.4, compared to a historic average of 16.4.
Both properties are less cyclically vulnerable, largely software houses.
The Belgians, Italians and others have suggested that the pact should be revised so that it applies to cyclically adjusted deficits, to allow more automatically for the effects of booms and busts.
There is no graph of the cyclically adjusted price-earnings ratio, another valuation measure, in its presentation book, although the subject did arise in questions at the conference: David Kostin, a strategist, said Wall Street was slightly above fair value on this measure.
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