“…The bca method allows revealing the mechanisms through which fundamental processes drive economic fluctuations. Therefore, it is a methodology for determining the most promising kind of theories regarding the primary characteristics of economic fluctuations and has been used in many countries and periods (see, for example, Brinca (2013Brinca ( ) (2014), Cavalcanti (2007), Chakraborty and Otsu (2013), Chakraborty (2006), Cho and Doblas-Madrid (2013), Kersting (2008), Kobayashi and Inaba (2006), Otsu (2010), Rodríguez-López and Solís-García (2016), and Sustek (2011)). Brinca et al (2020) provide a summary of this literature.…”