UBS
created an interesting chart using the Juglar cycle, the Kitchin cycle, and the Dow Jones Industrial Average. The Kitchin cycle is business cycle of roughly 3 to 4 years (about 40 months), first described by Joseph Kitchin in a 1923 paper. He identified it from analysis of price, interest rate, and industrial output data, attributing the fluctuations to lags in information and inventory adjustments. The Juglar cycle is a fixed-investment cycle lasting about 7 to 11 years, first identified by Clément Juglar in his 1862 work "Des crises commerciales et de leur retour périodique en France, en Angleterre et aux États-Unis." It is often considered the classical business cycle, reflecting waves of capital investment and credit expansion/contraction.
