If cycles are no longer caused by rising interest rates, we are left with "Samuelson-type" cycles

The disappearance of inflation at the end of expansion cycles enables interest rates to remain very low despite the return to full employment (we look at the situations of the United States and the euro zone). This eliminates all causes of recession that were linked to rising interest rates (falling asset prices, deleveraging). A cycle can be caused by traditional “Samuelson-type" cycles: growth fluctuation due to investment, and to the fact that investment reacts to changes in GDP. In that case, periods of over-accumulation of capital and periods of correction of this over-accumulation alternate .