Created with Raphaƫl 2.1.2
Invest Impulse x25
-150
-100
-50
0
50
100
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
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2006
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2016
Credit Impulse
Invest Impulse x25
    * Real cycle = Net fixed capital formation as percentage of net value added (12-month trailing sums)
  ** Credit cycle = Total credit (debt securities and loans, 12-month trailing averages) as percentage of
       net value added minus compensation of employees (net surplus, 12-month trailing sums)
 
  Source: BEA, Federal Reserve | @KeineWunder | www.weitwinkelsubjektiv.com |
 
Date: 15.06.2016
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