“…For seminal applications to the study of unemployment length seeKiefer (1984Kiefer ( , 1988 3. Among other applications, it has been used to analyze the duration of stock markets' bull and bear cycles(Lunde and Timmermann, 2004), duration of expansions and recessions(Sichel, 1991;Zuehlke, 2003;Daviq, 2007;Castro, 2010Castro, , 2013, local government tenure in office(Castro and Martins, 2013), house price upturns and downturns(Bracke, 2013), length of fiscal consolidation programs(Agnello et al, 2013), booms and busts in the housing market(Agnello et al, 2015(Agnello et al, , 2017, periods of financial markets' shutdown and re-access(Agnello et al, 2018), sovereign ratings cycle phases(Agnello et al, 2021), duration of credit booms(Castro and Martins, 2013), length of economic downturns(Koutsoumanis and Castro, 2022), and duration of financial crises(Nguyen et al, 2022b) 4. See, for example,,Diebold et al ( , 1993,Sichel (1991), Abderrezak (1998),Zuehlke (2003),Daviq (2007),Castro (2010Castro ( , 2013,Bondt and Vermeulen (2021), andKoutsoumanis and Castro (2022), among others.…”